Tech Bytes: Legal technology for chief legal officers has been saved
Tech Bytes: Legal technology for chief legal officers
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.
What are the potential benefits of legal technology?
We will dedicate the remainder of this series to exploring technologies that may be of interest to CLOs and the departments they lead, including:
What if there was a more efficient way to address day-to-day legal and compliance demands of the business while developing data-driven insights that might reveal strategic opportunities and help to proactively identify and predict rare events or other outlier problems? What if your legal department could use those new-found insights to proactively advise key stakeholders across the enterprise, addressing issues before they become problems? That would be a real paradigm change, and Deloitte can help you make it.
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?
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.
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.