The power of convergence: Harnessing AI and IG for legal excellence – Part II
Chris Giles
Welcome to Part II of our exploration into the intersection of Information Governance (IG) and Artif(...)
The Power of Convergence: Harnessing AI and IG for Legal Excellence – Part I
Chris Giles
Our technological landscape is changing. The combination of information governance (IG) and artifici(...)
When I first entered the legal world in 2006, there was a distinct lack of technology available. People were starting to send emails and use Microsoft Word, but much of my time was spent leafing through mountains of paper infested with different Post-it notes. Over a decade later, in early 2020, I was introduced to legal technology, and I could immediately see its potential impact. Fast forward to 2022, and law firms and corporate legal departments are beginning to recognize the value of technology. Indeed, research is beginning to show that it is no longer sustainable to offer legal services without utilizing technology, particularly when an automated, simplified and ultimately more efficient way of doing things is available.[1]
Businesses are increasingly looking for technology and software providers. Most companies use many SaaS (Software as a Service) tools to streamline and improve their processes but sometimes suffer to find the right solution. In an environment where technological tools are increasingly abundant in all sectors, it is essential to go one step further and seek human quality behind the technology to find the right partner.
The last two years have seen the world transformed, and the enterprise business world is no exception. In March 2020, the vast majority of companies shifted to remote work almost overnight, business travel came to an abrupt halt, and digital transformation shot up. Since then, new priorities have emerged within organizations.
Every department has felt the shockwaves from these changes, and enterprise legal teams are no exception. Taken as a whole, they are still finding their footing again in the post-Covid, digitally-transformed “normal,” with all of its implications on governance, risk management and compliance.
It’s no secret among law firms that technology leaders tend to perform better. In 2020, 47% of tech leading firms reported increased profitability in the last 12 months, compared to 28% of transitioning firms, and just 13% of the trailing firms1.
So what should you take into consideration when making your next tech investment? How do you decide on what software is best for your firm when purchasing a new time recording and capture solution? There’s a lot to consider and as it will directly affect your firm’s revenue, it’s crucial to get right the first time.
The question of who should have access to the valuable bank of commercial and client data law firms are sitting on is an interesting one.
Technology is continuing to break down departmental silos, allowing data to flow freely between individuals and teams – enabling firms to remove excessive admin and duplication, and gain new insights into commercial opportunities.
Greater visibility means that fee-earners are able to see whether they’re on target, right down to a monthly, weekly or daily level, and drive cross-selling and up-selling.
To compete in today’s world, law firms must provide exceptional and prompt client service delivery—which requires that comprehensive case, subject matter and other relevant information be available at their fingertips.
However, searching across disparate systems for subject matter expertise, related content, and case research tops the list of wasted, unbilled work. Unbillable work not only affects partners’ and the firm’s profitability; it also affects your ability to keep up with growing competition from other firms or alternative legal service providers.
What is the future of contracting? Only two things are certain: dramatic change and artificial intelligence (AI). On November 9th, Evisort hosted our first-ever virtual conference, “The Future of Contracting.” The conference explored the evolution of contract management, success stories from legal teams that have implemented innovative contract management solutions, and best practices to help attendees stay ahead of the curve.
How do you calculate the return your legal firm will get from investing in a document management system (DMS)? To help with the answer, this article explains how to calculate ROI using ‘hard cost’ savings.
The adoption of a Cloud-based document management system makes sense on several levels, but how can you prove that it’s to the firm’s advantage to invest in a DMS before you make that commitment? Typically, firms guesstimate non-billable time (soft costs) via a formula that might look like this:
With investigations on the rise, effectively managing and reducing potential brand, reputation and financial risk is critical to all organizations. Research from Gartner recently found that legal and compliance professionals are experiencing higher than normal levels of work. These demands are often at odds with static or declining budgets and resources constraints.
As a law firm owner, your first and foremost need is to boost the efficiency of your business. I’ve heard this time and time again during dozens of conversations with law firm leaders from across the U.S. What I have also picked up is that advanced law businesses are leveraging legaltech to optimize every little part of every business process.
Some start with seemingly inconsequential tasks — and yield jaw-dropping results. From my experience, a small law firm can slash costs by $150,000 per year by simply bringing bits of automation to the process of contract review.
The sharp minds at Epona realize that for information to work for you, it needs liberty. It needs freedom. No lock-in from another 3rd party vendor database in the cloud. Employees need to be able to access content through applications they know and love natively.
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