A recent study revealed that 81% of legal departments in the US are not ready for the wave of digitization. Interviews across the legal community showed a significant lack of preparedness. About two-thirds of Gartner’s CEOs said that digitization is a priority and expect major changes in the next two years. Automation can speed up processes, improve workflow management, and make record-keeping easier. Without adapting to digitization, legal departments may face operational bottlenecks.
Digital departments can be 63% more efficient than traditional ones. This statistic alone justifies the shift to digital. Additionally, 46% of cases can benefit from better risk management measures through digitization.
However, current practices are not keeping up with the speed of digital business. There is an imbalance in processes. It’s not a lack of willingness from management but operational challenges holding legal departments back.
Building a strong legal technology foundation is crucial for this transformation. The synergy between legal departments and the rest of the organization is essential. New tech tools can modernize operations but can also cause problems if not integrated well.
It’s important to assess the current level of digitization and the legal tech maturity needed. This will help create and implement effective policies.
Choosing the right legal tech solutions is key to syncing processes. A single driver can help meet the agility and flexibility demands of the entire company. Identifying the specific needs of general business and legal operations is the gap to fill. SaaS-based legal tech platforms offer a promising solution.
Brian McGovern, head of Legal Operations transformation at AIG, said it best: “Building a roadmap encompasses all sides of the legal operations process. While your technology roadmap for legal management solutions must address pressing legal needs, it must also address business concerns.”
