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Legal operations professionals have a key role to play in helping in-house teams manage functions such as outside counsel spend and technology use.

Corporate legal departments have sometimes lagged in adopting data-driven approaches, in part due to comparative complexity and subjectivity in executing legal processes as well as the pace and intricacies of the practice of law itself.

Now, the vast majority of legal departments in the Fortune 500 have a legal operations position.

There continues to be tremendous upsides… to improve results, speed up processes, and reduce costs in your enterprise by applying AI skills to contract lifecycle management.

Artificial Intelligence (AI) in legal technology is quickly gaining traction and becoming an indispensable component in legal tech. Legal AI transforms the way legal departments and general counsel conduct legal work. It speeds up legal workflows, provides unparalleled efficiency, and is completely error-free.

The 2023 report found that law firm hourly rates increased 4.5% over the past year, the highest year-over-year increase in the 10 years LexisNexis has published the report.

Law’s failure to harness the power of data mining and analytics is one of several interconnected factors widening the digital gap separating it from business.

Privacy is now the most common function directly overseen by legal departments at 57%, overtaking compliance at 56%

In the fast-paced world of legal tech, where cutting-edge innovations are revolutionizing the legal industry, the importance of cybersecurity and compliance cannot be overstated. As legal professionals embrace technology to streamline processes and enhance efficiency, they must also be vigilant in protecting sensitive data and ensuring adherence to regulatory requirements.

Artificial Intelligence (AI) is getting more intelligent by the day. The use cases of AI in law extends from enriching Contract Lifecycle Management (CLM) to streamlining NDAs.