13 Legal Technology trends you should be looking in 2019

by PracticeLeague

New disruptive trends and technologies are creating fluidic models for in-house legal departments and enabling them to become more efficient and cost-effective. Technology has no longer stayed as a backdrop proposal for the Legal Departments because the Evolving Role of General Counsel demands using an advanced and integrated architecture which comprehends the industry trends and provides actionable insights to manage their department effectively.

2019 should be a dynamic start for the Legal Department, a period of moving forward with past year’s experiences and on to next year’s challenges with a smart and cognizant approach.

The focus on Tech in 2019 should be on:

1. Tech that helps in Root Cause Analysis
  Anticipating causes of Litigation will help the legal department be cautious and future ready.
2. Tech that helps in saving time and maximizing cost efficiency
  Technology which will help the Legal Department create a streamlined workflow and Automate processes to save valuable time.
3. Integrated Tech which creates a single engagement platform
  Multiple Tech enabled solution creates difficulty in receiving a consolidated view of the department and does not help in collaborating with the team on a unified platform. A unified platform that enables collaboration across various departments and brings a consolidated view of disparate systems and data points.
4. Tech which provides Reports and Real-Time Analytics
  Whether it's Legal MIS, a Contingent Liability Schedule or Law Firm Comparison, Reports and Analytics gives complete visibility on the performance and productivity of the Legal Department.
5. Tech which creates a risk-averse culture
  Tech-enabled solutions which create a profound shift in ways where businesses function to create a risk-averse culture. Following standard workflow which enables the above culture helps minimize risk to a greater extent.
6. Tech that enables data sanctity
  The voluminous amount of data is exchanged in Enterprises leading to multiple scopes in collecting redundant data which consumes space and does not deliver any information. A platform which can maintain clean data will always help the business by providing actionable insight through orchestration.
7. Tech that is easily accessible:
  Ease of access cumulates working on any device while managing and collaborating easily from anywhere, anytime.
8. Tech which is agile and evolving
  Legal Tech is evolving with the rapid disruption happening across industry. Technology which does not evolve with the changing business demands does not have a long-term value of retaining in the industry.
9. Tech which has the capability to collaborate with external Firms
  A unified platform which can collaborate with external Law Firms and help you track decide on their productivity and cost is an additional benefit for the Legal Department.
10. Tech that is secured
  A flexible and secure platform can increase the visibility of the end-end spectrum of the various functions to mitigate risks and adhere to compliance, in turn, helping the organization to be cost-effective.
11. Tech which is adaptable with your workflow.
  Workflow changes with the evolving Industry and business demands. Technology Platform which can configure according to Industry trends makes a better fit for adoption.
12. Elasticity and scalability of adopted technology
  "One fits all" is imperative for a legal platform considering the breadth and depth of demand across multiple verticals, sectors and geographies.
13. Configuration not Customization
  Configuration brings power to legal users. Being able to make changes without dependency on others and the handling of impact by the system due to architectural capabilities is imperative.

The platform which can bring together these values to the Legal department will certainly make a drastic shift to the way in-house counsel function, making it more agile and effective.

Contact Us to know how PracticeLeague has helped Corporate Legal Department make this revolutionary shift across industry verticals including Banking, Insurance, E-Commerce, Hospitality, Consumer Goods, Telecom and Pharma.

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