“I didn’t go to law school to spend all my time auditing legal bills.” If you’ve ever found yourself muttering these words to yourself, you are not alone. While technology is intended to make life easier for the professionals that are utilizing it, some of the “shiny new toys” introduced over the past decade have fallen short.
The good news is that technology has continued to evolve to meet the efficiency and productivity demands of the legal industry. So, if you are spending your nights and weekends, bogged down by the “extra work” that your technology stack has imposed on your time, keep reading. Let’s explore a few of the legal technology trends that we discussed when we joined Kristin Calve on the Perspectives by Corporate Counsel Business Journal podcast:
Increased levels of system integration between corporate legal departments, law firms and service providers, including the adoption of common electronic data interchange formats such as LEDES are allowing for accurate transfer of data between all involved parties. Accurate data collection leads to accurate invoices - minimizing time required for manual bill review, corrections and invoice processing.
Growth around cloud services, such as Amazon web services, Microsoft Azure, and the Google cloud mean that you don’t have to make an “all or nothing” investment in technology. The ability to scale on demand means that your department will always have access to exactly what it needs to meet present and future demands - without overpaying or attempting to predict future needs.
Over the past decade, AI and machine learning have experienced rapid growth. Corporate legal departments can take advantage of these technologies to perform a variety of tasks - from intelligent document processing to business forecasting and more. While the AI and machine learning technology available does have its limitations, it is quickly evolving and will certainly transform the future of work. As we look toward the future, AI will drive a new level of business intelligence capabilities to provide additional insights and predictive analytics to corporate legal departments and law firms.
As the technology transformation continues to take place in the industry, professionals can look forward to solutions that make a tangible impact on their ability to perform work as efficiently and effectively as possible. We encourage you to take a fresh look at your current solutions to determine if they are providing maximum value to your legal department and explore any gaps that may exist between existing technology and other available solutions.
Is your current tech stack delivering on its promises? Learn more about how Quovant helps the world’s top legal departments improve legal spend management performance.