Legal Sector News: News and Current Trends in Legal Department Operations, June 2021 | Above
Welcome to Onit’s June Industry Recap, where we share with you some of the most relevant and current articles on Legal Department Operations News. We hope that this overview of trends in the legal sector will provide useful lessons.
In today’s summary, we share a recap of CLOC’s annual State of the Industry Survey and its recent Virtual Global Institute, Tips for Business Legal Transformation, How AI Finds Even More violations of billing guidelines and more.
AI in the legal sector in figures
More and more corporate legal departments are turning to AI every day to manage manual tasks, improve efficiency, and gain insight for informed decision-making. You’ve probably already incorporated AI into some aspect of your daily practice. After all, we’ve all heard how much it transforms everyday tasks. But how much of a difference does AI really make?
This blog post breaks down the numbers and describes some of the biggest gains to be made from AI in the legal industry, including:
- 24% reduction in average sales cycle and 9% annual cost reduction using AI-powered CLM solution
- A 51.5% increase in user productivity and the ability to redline a contract in less than 2 minutes with legal AI software for contract review
- The ability to review 6,000 contracts at a time and access over 500 AI contract data points for contract mining
- A 5-10% reduction in external consulting spend with an AI-powered ELM solution
(Source: Onit Blog)
CLOC sets benchmarks for legal department operations
The Corporate Legal Operations Consortium (CLOC) recently published the State of the Industry Survey 2021 report, the organization’s annual review of trends to watch in the legal operations space. This year’s survey, conducted in conjunction with the Association of Corporate Counsel, gathered responses from 200 organizations (including 48 Fortune 500 companies) in more than 22 industries in 31 states and 21 countries.
The 2021 report highlights how priorities have shifted through the uncertainty of 2020, with increased legal operations, increased legal spending and more work in-house. Some of the more notable findings from the survey include:
- 39% of respondents said they brought more work in-house in 2021, compared to just 28% the year before
- Almost all respondents said they used the same number or more of ALSPs as in the previous year
- 40% of respondents increased their number of employees dedicated to full-time legal operations
- 61% of respondents identified the implementation of a diversity and inclusion program as a top priority for 2021
You can read the full investigation report here.
Workflow automation, big picture return-to-office plans for legal department operations
On the final day of CLOC’s recent Virtual Global Institute, a legal department operations panel took an in-depth look at why organizations need a well-defined plan to implement new technology and prepare to run business in a world post-pandemic.
Legal operations professionals will play an important role in this planning and implementation. They are essential for the adoption of technology on a large scale, as they are often the most at the forefront of innovation and the latest trends in the legal technology market. Legal operations will also be key to ensuring that the rest of the legal department and the business as a whole actually embrace the new technologies they find.
(Source: Legaltech news)
Legal Department Operations Managers Share Their Best Transformation Strategies
Change has been a constant in our world, especially over the past year and a half. As workloads continue to increase internally, the need to work quickly and efficiently remains a common goal. But how can legal operations professionals spur change – especially technological change – in corporate law?
Business legal operations experts from Mastercard, McKesson, Microsoft and GlaxoSmithKline gathered at the CLOC Global Institute to explain their best approaches, including:
- Understanding the reasons for resistance
- Communicate the vision for change and what it means
- Convey the importance of transformation on a personal level to team members
- Understand what resources are needed to implement the change, including people, tools and priorities
Premium: What is driving transformation in the legal field? Operations expert Brad Rogers delves into the topic and explains what is accelerating the need for change in corporate law. Scroll down to the bottom of this blog post to listen to the podcast. You can also find the Onit podcast on Apple, Google Play, Spotify, or other podcast platforms.
(Source: Corporate legal advisor)
How to find up to 11% more non-conforming charges in legal invoices after billing rules and the standard review
Growing workloads and other priorities limit the time that in-house lawyers can spend reviewing invoices from outside lawyers spanning hundreds of pages and thousands of articles. Corporate legal management, case management, electronic invoicing, billing code standards, and automated billing rules reduce the burden of invoice review. However, AI offers the possibility of innovating even more technologically.
(Source: Blog of law sites)