What’s next for the Legal Industry? 3 Key Take-Aways from LegalTech

More than 10,000 lawyers attended ALM’s Legaltech event. Part of the Legalweek Experience, the conference brought legal experts together with technology leaders in three days of lively discussions. The consensus? Driven by pressure to cut costs and improve efficiencies, legal departments across all industries are experiencing transformational changes.

What role can technology play in helping legal departments to meet the challenges of the future? After meeting with so many leaders in the legal profession, here are our top three takeaways:

Cloud is on the Rise

 

In a joint panel discussion, Thomson Reuters (an Icertis partner) and Microsoft (an Icertis customer) made a compelling case for cloud-based solutions, highlighting key advantages such as speed of implementation and scalability. Plus, a cloud-based solution can be easily adapted to meet unique business requirements.

Given this, it’s no surprise that 62% of the participants in LegalTech’s Technology Innovation Survey said they would increase the adoption of cloud-based solutions in the coming year.

Data Security & Governance

A security breach can come from many sources. For legal professionals who are responsible for managing contracts, that has always been a concern. This year, the topic is getting more attention than ever. There was a general agreement on what was needed. In the face of changing regulations and economic uncertainties, corporate legal departments need to be proactively involved with managing privacy, security and governance issues.

Insights from Analytics

One of the most interesting discussions was on ‘Putting Technology to Work for Compliance.’ By applying analytics to large amounts of data, it’s possible to uncover hidden patterns and correlations. Corporate counsels can use those insights to align people and improve processes. It was just one way that technology can enable legal executives to respond to compliance demands, as well as regulating the contract management process.

We were thrilled to be able to speak to some of the top minds in the industry. The conference was brimming with thoughtful, relevant and timely content, and we look forward to LegalTech West in June. After all, how often do you attend an event where lawyers actually agree with each other?

To learn more about how corporate legal departments can benefit from an enterprise contract lifecycle management solution, see this article on risk compliance.

 

Further Reading:

 

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2018-03-23T18:33:22+00:00

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