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Is your legal department spending more than what is accounted for? With legal matter and spend management, you’ll never have to rummage around loose files and boxes, trying to figure out where those extra dollars go. A Gartner report predicts that legal technology budgets will rise to approximately 12% of in-house legal spend budgets by 2025, which is a 300% increase from levels in 2020!
General counsel, along with various other departments of corporations, generally worked in silos, each with their heads down doing their own thing. But in a swiftly changing work environment, general counsel can find themselves donning many hats, expanding their counsel beyond legal, and even taking on roles that weren’t always associated with law. The Association of Corporate Counsel notes that this shift from exclusively legal eagle to master-of-all took place shortly after the 2008-2009 recession when the lines between corporate and corporate law were blurred.
If 2021 taught the legal world anything, it’s that the pandemic ushered in a whole world of legal tech that we now can’t do without. The uniqueness of post-pandemic work and environments brought with it existing and new tech created or repurposed just for remote legal processes and business workflows.
Your legal department is complemented by the work by vendors like outside counsel and law firms. To ensure that your legal department is at peak performance, and manage your vendor’s tasks and timelines, it’s beneficial to create a management system for vendors.
Legal departments juggle multiple practice areas, abiding by their company’s regulations, and managing day to day tasks. In addition, legal departments are responsible for reporting to internal stakeholders including management teams, and other legal departments. External stakeholders such as investors, outside counsel, and vendors rely on the call that legal departments take on business decisions as well.
The State of California passed the Consumer Privacy Act of 2018 to allow California residents the right to not be the cynosure of all eyes. This privacy law protects the rights of consumers in California by regulating how businesses worldwide handle their private information and data.
The AI market growth trajectory makes a strong case for legal departments to force the pace of implementing the adoption of AI solutions if they no longer want to be considered as cost centers.
Corporations of today are swiftly incorporating sustainability and/or ethical best practices as part of their organization-wide revamps. Better known as environmental, social, and governance (ESG), this system not only impacts the way corporations handle their processes’ outcomes on the environment and its community, but also promotes brand loyalty among customers looking for better brand choices.
The U.S. Department of Treasury requested $1.59 billion for treasury programs in 2021. With such a large budget spend, it’s imperative that financial security is a priority to secure national interests and money. To this end, the Office of Foreign Assets Control (OFAC) has a stringent set of policies to safeguard companies that deal in international trade. OFAC has a list of sanctioned and embargoed nations that organizations can look up, to ensure that they don’t trade with these countries and end up in a financial mess, or worse.
Legal professionals process mountain loads of data. This data holds even more value in the form of unlocked potential that can be used to create better litigation outcomes and legal department decision-making. But how can attorneys unlock the potential stored within these data sets? The process of harnessing data across the organization by utilizing Artificial Intelligence (AI) is called legal analytics.