legal - kn

Their (cloud-native legal solutions) widespread adoption will allow organizations to hook up their practice management systems with their unified communications...

2022 ushered in the hybrid work model and helped legal departments transition from remote work to a newer and more efficient work model. However, post-pandemic, we saw the beginning of an economic downturn that impacts the way we work. 2023 is slated to be a better year in legal, equipped with breakthroughs in legal tech. Legal will face new challenges, and opportunities, that can be solved with new solutions and innovations. Legal technology will help legal departments tide over the recession, bolstering hybrid and remote work, and automating rote tasks.

The COVID-19 pandemic forced the legal industry to reimagine its environment and how it interacts with the world at large. New advances in technology, a unique way of working, and amendments to litigation and compliance created a new legal landscape. Legal technology disrupted the world of legal as we know it, and is creating the next generation of legal departments. 

In March 2020, the U.K. Lord Chief Justice warned about “inevitable backlogs and delays that are building in the system”. Legal needed a disruption to solve these challenges and more. 

When data is king, and everyone but legal has it, legal loses.

Automated products could be a big win for businesses that no longer want to pay hundreds of dollars by the hour to law firms.– Forbes

Legal departments and general...

Legacy systems are seen as holding back the business initiatives and business processes that rely on them.
–Gartner

When a company providing software development services intends to offer any kind of guarantee to its clients, it must meet specific standards that are internationally...

“Legal transformation requires an appropriate amount of vision, planning, budget and patience for success.”

Contract lifecycle management (CLM) is back in the spotlight, post-pandemic. A Forbes article notes that CLM is enjoying its heyday once again thanks in part to the “eye-opening amount of money to be made in the market” with CLM. On the money side, CLM offers legal departments major cost-savings and great value on investment, if CLM is implemented correctly. 
Although companies may have integrated CLM as part of their legal departments’ processes, they will need to upgrade when they run into the 5 signs we share in this article. Every good thing gets better when it’s updated and upgraded, and the same goes for CLM. According to JD Supra, “manual contract management can cause roadblocks and revenue leakage”. It’s only with the latest CLM tools that legal departments can accelerate their contract processing speeds, fine-tune their budget, and stay efficient.