Corporate legal departments understand the importance of formal evaluations processes for their legal tech, and have been closing the gap between merely keeping track of metrics and implementing a more fully structured assessment of their tools.
Legal departments keen on transitioning from a traditional to a more modern code should keep these priorities in mind to stay competitive with peers. Installing inventive and effective cost control strategies, channeling technology to drive efficiency, making cybersecurity a priority, shaping sturdy legal operation departments, and collaborating with law firms that proactively show value will help your legal department conquer the increasingly complex legal landscape.
Over the past two years, more companies have obliged the Payment-Card Industry’s (PCI) Data Security Standards (DSS), but the country has recorded more security breaches – 1,579 in 2017 alone,[1] which was a 45% increase from the previous year – and more customer data has been compromised than ever before. The natural interpretation of this phenomenon has been that compliance does not equal security[2].
Migrating to a new legal technology platform can be a significant step for a company’s in-house evolution.
Environmental, Social, and Governance strategies – known as ESG – have recently become key talking points in corporate conversations. On March 4, 2021, the US Securities and Exchange Commission (SEC) announced that they would be evaluating organizations on their environmental, social, and governance issues in a bid to identify public companies and investment funds that mislead the public about their climate risks and false ESG claims. A Deloitte article states that the SEC derives their information from anonymous tips and referrals through their whistleblower hotline. It is crucial that legal departments work with their compliance and ESG departments to mitigate any risks and to provide value to their companies. In many cases, compliance and ESG teams may work as silos, while some may be one department.
Complying with growing global regulatory complexity represents the biggest legal threat to businesses with more than a quarter (28%) of global law departments citing frequency and complexity of regulatory changes as their biggest anticipated risk to the business.
Dashboards don’t just offer you a pretty picture of your legal department’s projects and the way they are being managed. They also provide critical metrics and that elusive business intelligence that could help you achieve operational success. Ask the legal department of a Fortune 500 company that turned the management of its board meetings around with a customized dashboard.
Touted the most important data privacy legislation in 20 years, the GDPR is a mandate that the EU issued to protect the data of its residents. However, since the mandate addresses the export of personal data overseas, it created tremors far beyond the borders of the EU, even bringing American business giants to their knees.
Alternative legal service providers continue to make significant inroads in the legal industry, growing their global market share to $13.9 billion.– ABA Journal
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