The rise of remote working combined with the widespread use of generative AI and its applications have demonstrated in recent years the value of technological innovations for corporate lawyers.
Our previous articles have also focused on highlighting the multiple benefits induced by these technologies: time savings, progress in compliance, optimization of tedious processes and increase In fine profitability. According to Gartner, by 2024, legal departments will have automated 50% of legal work related to major corporate transactions.
Nevertheless, it is clear that the legal sector is no exception to the recurrent phenomenon of resistance to change, which is all the more present in very vertical organizations, and which sometimes endangers the adoption of new technologies. Reasons cited included budgetary constraints, the convenience of current processes, and concerns about data privacy and security. In addition, most people who are hesitant to adopt new technology fear that it will lead to more work on a daily basis...
In this article, we look at some ways to help you overcome the various obstacles that could arise during your digital and legal transformation.
Security and data protection
In the legal technology sector, the issues of data security And of privacy protection are crucial. They are a constant concern for corporate lawyers who focus on the most pessimistic assumptions to develop effective answers.
Moreover, there is a lot of evidence that they need to be careful. Indeed, many multinationals have been victims of hacks recently, and the number of companies whose security precautions are zero or insufficient is worrying. Security breaches are on the rise, with a increase of 67% over the last seven years, according to Accenture.
Corporate lawyers therefore have the mission of protecting the companies they work for by limiting liability and risks. This awareness encourages them to maintain a high level of vigilance, and to opt for innovative technological solutions.
Concerns about the use of AI
Here are some of the main uses of AI in law, as they are gradually being democratized in the sector:
- Data and contract management
- Identifying “wrongdoing”
- AI-based legal research
- Identifying fraud
Nevertheless, despite the numerous advantages, some teams are still resistant to implementing AI.
However, the forecasts for the adoption rate in the future are impressive. The legal technology market generated approximately $29 billion in global revenue, and should know a compound annual growth rate (CAGR) of more than 4% until 2027.
Reducing costs and optimizing productivity
Investing in legal IT solutions may seem contradictory to the desire of businesses to reduce their expenses to remain competitive. Cost therefore plays an important role in a company's decision to adopt technological solutions.
In-house legal departments generally see legal IT solutions as an expense. But gaining efficiency, doing more with less, and gaining in productivity, directly increases net profits. The same is true for contract management systems such as CLM that allow lawyers to free up time to devote themselves to tasks with higher added value..
So, the cheapest option is not necessarily the best. However, it is possible to select a legal technology solution that combines cost and functionality.
The black box test
Bridging the lack of knowledge about how a piece of technology works and generates its results is often referred to as the “black box challenge”. And for good reason, all sectors of activity are facing this problem. But the legal sector presents specific difficulties in view of the challenges it involves.
To overcome it, it is necessary to sAsk yourself the right questions before you deepen your knowledge. First of all, what is your objective? This is the most important question to ask yourself when it comes to evaluating which technology will work best for you. Then, the solution is choosing a solution wisely to meet the specific needs of your business.
