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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.

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.

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.

Legal departments that have developed a high-efficiency approach for handling disruptive events are essentially making one tradeoff for every three in a low-efficiency department.

We wanted contracts to take up less space so we could carry them around. And we wanted to spend less time dealing with them.

An alternative legal service provider (ALSP) is a company that offers legal services outside the traditional law firm or vendor model. ALSPs can offer a wide range of legal services, including document review, contract management, legal research, and other tasks typically performed by lawyers.

In 2021, the average cost of a data breach reached $4.24 million.

According to the Harvard Business Review, there were around 5 global regulatory changes per day in 2022 and that number is only rising. Legal departments play a key role in ensuring their companies are up-to-date and compliant with rapidly changing global regulatory and compliance issues. 

2023 will be memorialized as the year that revolutionized the role of AI and legal tech in the legal industry. AI tools are redefining the way legal departments handle workflows, instrumental in automating legal work, and demonstrating value addition to legal departments. 

Crises in the legal field can arise unexpectedly, threatening the stability and reputation of even the most well-established organizations. JD Supra lightheartedly shares that “crisis planning is not everyone’s idea of a good time,” yet that proverb rings true because prevention is truly better than cure.