Smart legal departments work by utilizing an effective strategy that incorporates one or more legal process sourcing types. Whether it’s out-sourcing, in-sourcing, or tech-sourcing, finding the right combination that is the perfect fit for your legal department will maximize your legal and business efficiency.
71% of law professionals prefer working remote over in-person interactions, a Lawyer Monthly article reports. Partly due to the pandemic, litigators no longer have to be restricted to court rooms or their offices. They can work from anywhere, with litigation legal tech at their fingertips. The world of legal tech encompasses AI and smarter software and tools created to assist litigators in leveling up their practice.
Suspicious Transaction Reporting (STR) or Suspicious Activity Reporting (SAR) has become the prime focus of the finance industry, which is particularly under the radar of law enforcement agencies and regulators. Financial companies are struggling to comply with the Bank Secrecy Act (BSA) and to efficiently report suspicious transactions. SARs are critical to the nation’s BSA and effective utilization of financial data can serve as a deterrent to terrorism financing and money laundering . Maintaining a structured and streamlined SAR process helps organizations file complete, informative, and timely SAR reports. Companies need to ensure that their SAR process includes but is not limited to policy, privacy, civil rights, technology, training, and outreach.[1]
From summer 2021 to winter 2022, a consistent range of 7% to 10% of attorney respondents to Bloomberg Law Workload & Hours Surveys that were conducted during that time...
With Canada’s mandatory breach reporting requirements coming into force as per the updated Personal Information Protection and Electronic Documents Act (PIPEDA) on November 1, 2018, all domestic and foreign organizations subject to the PIPEDA (i.e any organization that collects, uses, or shares the personal information of consumers in Canada) will now have to fulfill three herculean requirements[1]:
Multidisciplinary teams (MDT) provide actionable and useful insights to their organizations. Each individual on an MDT brings their expertise to the table, influencing better decision-making that brings organization-wide benefits.
Autonomous self-driving vehicles have finally run into the issue that the legal world had been worried about. Accidents involving self-driving vehicles put lawmakers and law enforcement in a tight spot. Who is to blame for fatal accidents – the car or the driver? A self-driving vehicle allows the driver to temporarily step away from the brakes, leaving the navigation and driving to the vehicle’s AI. Unlike a human, when a potential accident is about to happen, an AI goes through hundreds of possible outcomes via algorithms. It then chooses an outcome which will, according to its algorithm, cause minimal damage. But this can cost precious lives.
One of the major disruptions in the legal industry was undoubtedly the pandemic, which forced legal departments to innovate how, where, and when they worked. With the rise of the work from home model, legal tech assisted legal departments in optimizing their workflows and helping them make do with limited resources. As the pandemic came to a peak and then leveled off, an innovative work model – the hybrid work model – mostly replaced or enhanced the work from home model.