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Tech Bytes: Legal technology for chief legal officers

Technology trends and solutions for corporate legal operations

To help chief legal officers (CLOs) explore technologies that can help them increase efficiency and align legal strategy with corporate strategy, our Tech Bytes series explores common pain points of legal departments, the benefits of automation, and how CLOs can determine which technologies are best for their organization.

Part four: Intelligent CLM

In contract life cycle management (CLM), different stakeholders have different priorities. Business unit stakeholders typically want fast and efficient contract cycle times. Finance stakeholders usually look for governance around contract pricing and revenue. Legal stakeholders are concerned with legal risk management.

How can you foster a virtuous cycle instead of competing priorities and meet the needs of all three at once?

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Part three: Cyber

As companies expand their digital footprints, their exposure to cyber risks grows, too. Chief legal officers should be concerned about gaps in organizational capabilities to meet today’s cybersecurity demands. They can help bridge these gaps by becoming more knowledgeable, proactive, and involved.

How can you become an active contributor to your organization’s cybersecurity program and bring a legal perspective to strategic, tactical, and operational decisions?

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Part two: Analytics and artificial intelligence

Solving the challenge of unstructured data has brought the legal industry to an inflection point. For the first time, many labor-intensive, repetitive legal department tasks can now be performed by computers instead of humans. Legal executives should be able to leverage analytics and AI to free up legal department resources so they can perform more value-added work.

How can you identify improvement opportunities that are achievable, affordable, and can help move your legal department in the right direction?

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Part one: Start at the beginning

With roughly half of legal departments facing flat or decreasing budgets, and more than half reporting stagnant hiring, the disconnect is difficult to reconcile—especially as the roles and responsibilities of the chief legal officer and the legal department continue to expand. And while technology isn’t a silver bullet, it can be a powerful tool that empowers legal departments to improve efficiency and contribute more strategically—if thoughtfully deployed.

Where should CLOs begin their digital transformation journey?

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Tech Bytes Dbriefs webcast

Tech bytes: The legal workforce of the future emerges
February 20 | 2 p.m. ET

Participants will learn how to identify factors driving legal digital transformation, explore important steps in that process, and discover takeaways from an organization's journey.

View on-demand.

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Business of legal: A changing paradigm

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The legal department of the future: How disruptive trends are creating a new business model for in-house legal

Three key drivers are transforming legal from an internal law firm to a function that drives value for the business. Over the past 10 years, unprecedented disruptions—including the deregulation of the practice of law and advancements in technology—have been changing the face of the legal sector. Rigid silos are being replaced by more fluid structures. And in-house lawyers are becoming business partners, embedded and able to work across units and specializations.

So what will corporate legal look like over the next 10 years?

Cognitive computing applications for risk management: Better decision making with artificial intelligence

Applying cognitive computing against massive data sets can help organizations process information more quickly and make smarter business decisions. And cognitive computing is increasingly being used in the domain of risk management, mining often ambiguous and uncertain data to find indicators of known and unknown risks.

Enhancing legal operations – Discovery insights: Five questions
Management of corporate legal department operations has focused historically on controlling outside counsel costs, reviewing and processing invoices, and responding to pleadings. Today though, the legal operations function is more critical and complex, driven by increasing regulations, hearty appetites for litigation, voluminous discovery, and growing pressure to reduce costs.

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