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Centered in law, NDAs (non-disclosure agreements) need to find a place in your legal department, yesterday. NDAs are drafted to protect the interests of one or both parties writing it, who may wish to keep certain information private and/or from being shared with competitors. However, an NDA does not mask information that has already become publicly shared information.
Although most popularly associated with cryptocurrency like BitCoin, blockchain technology has several other use types. In the world of law, blockchain can be used as a digital ledger that holds vast volumes of data. This can include case studies, subject matter, case outcomes and more.
The future of law is in predictive analytics, with a focus on legal analytics. According to a Bloomberg report, the predictive analytics (PA) market size is slated to hit $23.9 billion by 2025. That’s big money, and you can enjoy a piece of this sweet pie by integrating predictive analytics in your law practice.
During the past few years, more than 5,000 US companies have conducted trans-Atlantic commerce in compliance with the European Union Data Protection Directive (“Directive”). Under the Directive, the default rule prohibits data transfer; personal data transfer is permitted based only on specific criteria. Per the Directive, the transfer of personal data to another country is possible only if the country affords adequate equivalent data protection. The Directive also provides the European Commission the authority to verify whether a country affords the required level of protection to the transferred data. The transfer of personal data to another country may take place after the Commission’s determination on the issue.
Unlike the dystopian movie AI, the artificial intelligence of today supports human processes rather than replace them. Lawyers find legal analytics and AI tech an intelligent companion to supplement their legal processes.
Nondisclosure agreements (NDAs) are a collaborative effort among sales and operations teams and legal departments. In-house lawyers negotiate, draft, and manage NDAs which protect confidential company property and information. Over time, these internal NDAs and those with third parties can pile up and legal departments may be swamped with rote work. Your legal team can spend their precious time more effectively by chalking up an NDA management strategy from the get-go.
General counsels looking to implement CLM as part of their legal transformation need to research appropriate providers. Prior planning and research is crucial in determining the success of the CLM implementation strategy. GCs hold a position of influence and can positively direct their organization’s CLM selection process. With business goals in mind, GCs and their companies can utilize CLM technology for success.
Adapting to a braver new post-pandemic world includes in-house counsel adopting new trends in technology and business practices to keep moving forward. A Gallup article predicts that 37% of office desks will continue to stay empty in 2022 – including those of in-house counsel. If this educated guess comes true, what are handy legal tech and business practices that in-house counsel can integrate?
Legal technology is constantly being fine-tuned and enhanced. This requires companies to stay abreast of the changes, before they fall into legal hot water. Regulatory technology (RegTech) is designed to replace manually created legal language with AI and coding. This facilitates legal departments and corporate counsel in staying compliant and in line with regulatory & compliance measures.
Legal professionals have embraced legal technology to supplement, and often take over, daily processes. There are a dizzying number of legal tech apps and softwares for every need. From legal spend management to legal research tools, there’s a solution for every legal department’s problem.