Utilizing a Legal Technology Platform for Strategic Legal Department Management
Abstract
The enduring economic strife of the past few years has caused an unprecedented shift in the global legal industry and the technology supporting the industry. Legal service delivery models have been revamped more in the past three years than in the past three decades. The need to consolidate and integrate the abundance of disparate systems has never been greater and cost is a significant driver of this change. In today’s global economy in-house counsel are being challenged to demonstrate the business value of legal services, which involves reducing costs, improving efficiencies, and still remaining competitive. Future success for many lawyers, and the departments they represent, largely depends on their ability to confront today’s challenges and implement new processes that increase efficiency and reduce the impact to the bottom line. These industry changes aren’t temporary trends; rather, they represent a new reality for in-house counsel. Conquering these new and formidable challenges will require progressive strategies and solutions, and savvy in-house counsel recognize that this is most easily achieved by leveraging technology. However, the widespread use of multiple disparate technology systems has caused a lack of visibility across the legal function, and there simply isn’t a practical way to assess risk, measure exposure, collaborate with outside counsel, or even determine where the majority of a department’s budget is being spent and if it is producing results. The crowded landscape stifles strategic legal department management and over time it will hinder success.
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