Contract Lifecycle Management (CLM) software has been around for a while, offering legal departments a wealth of benefits from substantial cost-savings to faster contract execution. Innovations in legal technology have introduced powerful capabilities including artificial intelligence (AI) and machine learning (ML) to enhance the effectiveness of CLM.
Legal forecasters expect litigation caseloads to grow throughout 2023, with some estimating that companies will face ‘more litigation than ever’ this year and that litigation matters will be more complex and riskier than in the past.
Legal departments at organizations large and small are the heavy hitters. Ensuring that their organization runs snag-free and is compliant with all rules and regulations, there isn’t another department quite like legal. Cross-departmental collaboration is the way forward for legal departments and their companies.
When leading legal tech firm, Ari Kaplan Advisors, interviewed 30 General Counsels from Fortune 1000 companies about current usage and future trends for contract AI, they discovered that 37 percent of the companies were already using AI for contract review and analysis and 58 percent confirmed that they intended to use it this year. 50 percent of the respondents also said that they were prepared to increase their contract AI spend in 2019.[1]
LexCheck joins LegalEase’s Preferred Partner program, creating a hybrid AI and alternative legal service provider (ALSP) solution for legal departments
A new survey conducted by Globality and The Lawyer Research Service[1] discovered that legal departments of major international companies are three times more dissatisfied with large law firms than with small firms.
By 2016, the US legal services market was worth $437 billion, and more open for business than ever before. A few young, legal tech companies with diverse product offerings were lining up to conquer the industry. Cost cuts over the past decade push corporate legal departments all over the country to opt out of time intensive, labor-based solutions, making legal tech the ticket to success. But why aren’t these fresh legal tech startups faring as well as they had hoped? Baretz+Brunelle decided to find out[1]. They put together the first ever Legal Tech Go-to-Market Report and here are its results.
Evolving roles—Segmentation—Knowledge management
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.
Nearly two trillion dollars are laundered globally every year through human trafficking, drug smuggling, terrorism,and other organized crimes, with the US alone losing nearly 500 billion dollars of taxes annually. To gear up for the mounting risks of money laundering, all companies need to enforce a well-coordinated AML audit program, that complies with the Bank Secrecy Act (BSA) and the Financial Industry Regulatory Authority, both of which ensure that appropriate procedures and internal controls are in place to account for changes in regulations and business.