81% of the legal departments in the US are not prepared for the onslaught of digitization. Interviews were conducted across the fraternity to gauge readiness and were found to be grossly underprepared. Nearly 2/3rds of the Gartner’s CEO acknowledged that change was a priority and the next 2 odd years were to see the transformation in the digitization drive. It is no secret that automation adds speed, workflows are better managed and records are easier to maintain. If not complied with this area could be a bottleneck in operations.
It has been seen that digital departments could be 63% more efficient than traditional ones. And, this is enough to mandate the leap to the digital world. Appropriate risk management measures can be implemented in 46% of cases.
But, it is a matter of concern that existing practices are not compatible with the speed of digital modes of business and there has been a case of imbalance in processes creeping in. It is not the will of the management, but operational issues that are holding legal departments back.
Establishing clear legal technology foundations will be crucial to this evolution.
The synergy between legal departments and the rest of the organization is of prime importance. New tech tools can modernize superficially but can do serious harm if technical integration is not optimal with the rest of the organization.
It is important to ascertain the current level of digitization achieved and the actual levels of legal tech maturity needed to move forward. This will help you make policies and implement them.
Appropriate legal tech adoption choices are required to sync the process. One driver is integral to synergize the agility and flexibility demands of the company as a whole. Finding clarity on the exact nature of ‘specific’ general business and the legal operations requirements is the gap that needs to be filled. SaaS-based legal tech platforms are the way forward.
AIG’s Legal Operations transformation head Brian McGovern said aptly, “Building a roadmap encompasses all sides of the legal operations process. While ultimately, your technology roadmap for legal management solutions must address pressing legal needs, it has to address business concerns too.”
