Digitisation and various forms of legal and other tech solutions have really taken off in recent years, offering a lot of potential wins for legal departments. At any time, and especially in a crisis, being able to connect and move quickly requires a well thought out technical infrastructure. Because if the basics aren’t in place, you will soon run into problems.
When we talk about the possibilities offered by legal tech, we have various forms of smarter collaboration and legal processing work in mind, such as:
- Interdisciplinary collaboration between lawyers and others in your company
- Setting up online workflows and task assignment
- Making legal documents and know-how accessible
- Having models and playbooks available for regular work
- Document automation and the application of AI
The result is much more than just a shared email inbox, shared hard drive or Sharepoint environment. Below are a number of concrete legal tech applications that can help you to identify and manage company risk. Plus they offer a way to work more efficiently and at lower costs.
Here are some of the things legal tech makes possible right now:
- Enter digital signatures
- Run AI-supported reviews of Covid-19 risk-relevant contractual arrangements
- Setting up a cloud-based platform with a legal entity management module, contract management module and workflow for following up work and sharing documents internally (single source of truth). This promotes cooperation within the legal department. And perhaps more importantly, it makes information provision and communication with management, shareholders, the financial department and compliance officer a lot easier. Some tech providers Legadex works with a lot include: Legisway (from Wolters Kluwer), Diligent, GEMS and Symfact
- Set up a fully state-of-the-art collaboration platform. HighQ Collaborate (from Thomson Reuters) is a good option for the larger legal department. This platform is structured as building blocks that can be integrated (just like Lego). Among others, these blocks cover the secure exchange of documents, virtual data room, contract lifecycle management, workflow management, data analytics and contract automation. These blocks lay a foundation that can be supplemented with more applications in the future, as needed
- Do you want to automate contract drafting? Our partners ClauseBase and ContractExpress can help.
The Legadex team can help you with suggestions for the short term as well as ideas that will make you structurally future proof. We work with the best software vendors for numerous corporate legal departments. Besides the examples above, there are even more ways to use technology to improve ‘legal delivery’ and save costs. Our colleagues Peter Schepens and Morad Kada can give you a complete overview of the possibilities and would be happy to show you real-world online examples that match your company and legal department requirements. You can reach them at firstname.lastname@example.org and email@example.com.