The novel coronavirus (COVID-19) has upended traditional corporate legal department operations, forcing them to adapt to what many are calling the ‘new business environment.’ Assessing the severity of COVID-19 and pondering its long-term impact, 62% of legal executives are very or moderately concerned about how major disruptions to day-to-day business demands could affect operations.
This report is intended to provide manufacturing legal departments with a peer perspective on emerging technology trends in 2020, help you understand the changes in the LegalTech ecosystem in the past several years, and help you compare your legal department’s LegalTech approach to that of your peers.
Each corporate legal department addresses technology transformation differently, but there are common themes that all legal departments face during major business disruptions.
With low barriers to entry and the potential benefits of automation, investment in legal technology is a solid choice for corporate legal departments.
COVID-19 is forcing organizations to consider alternative ways to perform traditional business functions. Corporate legal departments have several ways in which to leverage the power of technology to enhance their operations during this time of crisis and beyond.
New technologies are being introduced regularly and providers can demonstrate proof of concept pilots to help determine whether their tools are a good fit for a particular legal department. The first step in determining which technology is best suited for that department is to understand what functions (e.g., invoicing, operations, matter administration, etc.) are best suited for automation or a technology enhancement. Another way for legal departments to stay up-to-date on ever-changing technology capabilities is to subscribe to webcasts and attend legal technology trade shows. This will confirm that they have the most current information about technologies presently available, the capabilities of each technology, and projection for legal technology.
US Deals, Strategy & Operations Leader for Tax Reporting & Strategy, PwC US