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The next big thing in legal tech for In-house legal teams

The next big thing in legal tech for In-house legal teams

As an in-house counsel you encounter many hurdles, counselling on multiple legal matters across a wide range of business and legal practise areas.  You experience too many repetitive day-to-day tasks such as contract generation and document management.

One of the critical tasks for any in-house general counsel is, to free and save time for the in-house legal team so they can do the most important tasks needed by the organization while still ensuring that the routine and lower-value tasks are being properly serviced.

In this blog, we explain how legal practice technology can impact in-house legal teams and give them more chances to work smarter, be more efficient, while improving knowledge retention, accelerating professional development and reducing potential burnout.

In-house legal departments have long been resistant to automation, but the effects of the pandemic forced many to shift gears in 2020 and pursue — or at least actively consider — more extensive automation of certain legal activities, especially those around major corporate transactions. 

Gartner research highlights the impact of technological innovation on In-house legal teams and compliance objectives.

Some key facts and statistics based on the 2020 Gartner survey of legal leaders

  • By 2025, legal departments will increase their spend on legal technology threefold
  • By 2024, legal departments will replace 20% of generalist lawyers with nonlawyer staff
  • By 2024, legal departments will have automated 50% of legal work related to major corporate transactions
  • By 2025, corporate legal departments will capture only 30% of the potential benefit of their contract life cycle management investments
  • By 2025, at least 25% of spending on corporate legal applications will go to non-specialist technology providers

The challenge now is deciding which Legal Practice Management Technology to embrace in order to drive real business outcomes.

What is Legal Practice Management Technology?

Legal practice technology or Legal tech means the technologies and software that transform the way legal practitioners conduct legal services in their daily lives. In broader terms, it represents the set of technologies that facilitates the practice of law for lawyers and empowers customers to reach legal competence

Let’s dive into some details to discover the newly disruptive advantages of legal technology for in-house legal teams

Self-service legal contract management 

Legal technology that facilitates contract generation, for example, can help in many ways to streamline the in-house legal team production of regularly used contracts. It takes the burden away from an already overstretched in-house legal team. Document management technology makes this possible by allowing anyone within the company to create a complete contract that is consistent with the organisation’s specifications and methodologies. 

Task management automation 

According to Gartner By 2024, legal departments will replace 20% of generalist lawyers with non-lawyer staff.

Traditionally, all in-house legal tasks are operated manually. While the in-house lawyer focuses massively on interacting with other business professionals, he also needs to invest some time in operating the associated tasks. Of which, 63% are found to be fact-based and repeatable. 

Now, law practice management software like App4Legal, in this case, can take over these tasks and perform them automatically. This not only improves the velocity of operations but also gives in-house lawyers enough time so they can focus on more productive tasks.

Data Security Solutions

While not a new focus, data security is the number one priority for most in-house legal teams. In-house legal teams believe that the increasing threat to cybersecurity as the number one litigation risk exposure for their businesses. Information protection audits are now a daily issue for legal service. 

Information security is being viewed through a whole new lens as the European Union’s looming General Data Protection Regulation leaves corporations around the world scrambling to raise their compliance bar. To help in-house legal teams cope with the data security challenges, legal technology like App4Legal provide best-in-class solutions that enhance mobile data management and offer better risk management for moving data off corporate files to a secure cloud environment. The ultimate solution to improve corporate information governance.

2021: The Year for Action

Finding the best in breed law practice management tools that drive efficiency, reduce risk and demonstrate immediate ROI is not an easy task.  You need to explore your options and look for the best solutions that align with your needs.

About App4Legal

App4Legal is a simple, yet powerful legal department software solution that fits seamlessly into your current workflows, integrates flawlessly with your Microsoft Office tools and adds value from day one. Your way to track, organize and collaborate matters, cases, contracts, tasks and much more.

Getting started with App4Legal is so easy. No need to fear—we have plenty of resources to help you hit the ground running!

Book a free Legal Tech consultation with one of our experts and find out how we can make the difference today.

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