As per the Global Deloitte CIO survey 2016-17, more than half of CIOs see innovation as a key priority, but they also feel that Managing Partners / CEOs are so risk-averse they are unable to get the money to fund the innovation.
Many international firms today have dedicated ‘Innovation Teams’ that are tasked with looking at new technologies and provide innovation strategies for the legal firms’ future.
Legal tech applications range from expediting document searches to helping predict the outcome of lawsuits, to managing complex cross-border M&A transactions through the deployment of project management tools and software. Furthemore, companies in this space have realized the value of new technologies like smart contracts as a tool to save on costs and time and ensure predictability and consistency of results.
In an environment, where the speed at which lawyers work has a direct effect on business outcomes, a growing number of legal functions are turning to automated contract management tools and sophisticated document review technologies.
Let’s delve deeper into some of the more critical priorities for the corporate law firms’ technical teams:
Document and Contract Automation: Document Automation is fueled by advances in process automation technologies and it creates new ways to transform frequently used documents and forms into intelligent templates that enable fast production. Technological systems allow even non-lawyers to complete forms and produce reliable draft legal documents without expert legal knowledge. The contract automation process saves time and money and also reduces risk, enhances compliance and increases accuracy of the legal documents.
Data Analytics: It enables law firms to gain insight from the increased amount of digital data they hold about workflow, cases and clients. Data analytics allows for mass document search, e-discovery, data mining, predictive analytics and the use of virtual assistants. Data analytics enables law firms to identify how they can use data to add value to their clients, and how the insights generated can add value to the service level offered to their customers. It aims to identify the clients’ needs, the legal risk assessment as well as the workflow and case allocation.
Predictive Analytics: Predictive analytics is defined as the practice of extracting information from existing data sets to determine patterns & predict future outcomes & trends. Technological systems try to predict the outcome of court cases based on multiple criteria, including the courthouse, the judge and the type of case.
Machine Learning: For the law firms, machine learning automation is about managing risk, e.g identifying the risk profile of only reviewing one in ten documents. Using automation, logic and decision trees to create document templates that pull out all of the relevant search terms, non-lawyers and businesses are able to produce initial draft documents and contracts.
Legal Research: One of the most time consuming tasks for the lawyers- has undergone a visible transition from the days of legal journals/reporters to database access on static software (requiring online updates through manual process) to delegation of research tasks and summarization processes to automatic software programs, with higher accuracy rate.
In summary, for the in-house legal teams, technology investment has emerged as a key priority to improve efficiency and the impact of their work by enabling them to focus on the works that have strategic importance. Want to learn how DocuCollab can help your legal teams become more productive? Contact us today!