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Since 2019, the world has seen disruption after disruption, and legal is no stranger to them. To make matters worse, a recession is on the horizon, forcing legal to plan ahead to weather the storm. Resources including contract lifecycle management (CLM) technology may be able to help legal tide through an economic downturn. Find out more in this article.
With a looming recession on the horizon, legal departments are recession-proofing to stay afloat during the hard times. Economic blows inevitably force legal departments to pare down to the essentials, which could mean shoestring budgets and furloughs.
As the threat of recessionary pressures weighs down on the freedom and flexibility of legal departments, general counsel (GCs) are tasked with improving the tools they use and their efficiency in running their legal departments. Most departments can make great strides in this area by introducing artificial intelligence, machine learning and automation to speed up time-consuming, manual workflows. In commercial contracts and managing NDAs, contract lifecycle management (CLM) platforms can offer many efficiencies and benefits to the enterprise as a whole.
91% of corporate legal departments say it will be important to have a law firm that fully leverages technology.– Wolters Kluwer
An exciting report published by Wolters...
CLM tools can reduce the average sales cycle by 24% and lower the average hours spent on contracts by 20%.
Creating legal technology for a target audience that isn’t interested in tech in the first place is an art. Legal tech service providers strike a balance between providing cutting-edge software that helps legal departments streamline legal processes and that simultaneously enhance productivity and efficiency.
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 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.
“Many consultants and other experts say the pandemic has frayed relationships between legal departments and their corporate clients, in part because too many hybrid work environments are poorly structured.”
IoT devices on track to exceed 21.5 billion by 2025.– McKinsey Report
The latest in mobile connectivity, 5G brings with it impressive performance capabilities. With...