Lawyers Lagging on Transformation
On 21st September 2022, DISCO and the Association of Corporate Counsel released the results of a report following a survey during which the organizers had approached lawyers specializing in the field of corporate law. The headline figure of the report found that approached lawyers were lagging at the back of the pack and drifting when it comes to bringing in vital evolution systems.
Many people will inevitably question the report, its weight, and its credibility. However, in compiling its report entitled 2022 Trends in Legal Transformation and Technology Report the organizers sought to approach around three hundred thought leaders from legal departments and those occupying the office of operations to discover what challenges they are currently facing in this economic climate, what issues are being prioritized and what barriers are being faced by industry leaders.
Our Survey Said?
The results of the survey were a story of positives and negatives. On a positive note, a small proportion of those legal professionals approached and questioned by the organizers of the Trends in Legal Transformation and Technology Report 2022 commented that they were taking seriously and putting forward the introduction, implementation, and maintenance of technology to enhance their inner department analysis. In a surprise turn against supposed conventional thinking, more than seventy percent of external legal service providers and those professionals emanating from in-house legal departments commented that they have not taken the introduction, implementation, and maintenance of technology for their respective automation and their information processing procedures.
In terms of the progress made many businesses are seeking out ways in which they can identify and remove hurdles. One major trend spotted by the organizers of the survey was the financial restrictions in this regard. Those seeking answers from respondents sought to discover what is keeping thought leaders up and awake at night. It found that just over thirty percent were worried about skyrocketing charges and the absence of financial restrictions is a number one worry which has been occupying thought leaders. Survey organizers appeared to alert anyone who would care to listen that the disturbing figures are currently increasing rapidly.
What Do The Stats Say…?
On the statistics the report put forward some eye-opening headlines including but not limited to:
- over seventy five percent of the legal professionals approached commented that putting in position the correct balance of aptitudes, skills, and competencies appears to be the highest priority for the providers of legal services and in-house legal teams in terms of commercial need
- around sixty-five per cent of those thought leaders from the commented to those organizing the survey that the management of data and the governance surrounding information were amongst the highest on the list of priories
- just under a figure of half of those who provided answers to the questions communicated that those key decision makers had brought in Project Management techniques such as Agile, Waterfall, and PmBok.
- their concerns that the upper echelons of their firms are failing to make choices based on the use of technology.
Following on from this 2022 Trends in Legal Transformation and Technology Report those managing in-house legal teams and providers of legal services need to be identifying any pressure points within their departments, assess how their staff is coping with the areas of pressure spotted and how the staff are competing with any targets which have been set down. DISCO and the Association of Corporate Counsel commented that tech is becoming more and more important in the legal profession as it can provide an important appreciation as to what is happening in the respective legal department.
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THE ARTICLE WAS WRITTEN USING THE FOLLOWING SOURCES
[SOURCE 1] Hill, Caroline – ACC and DISCO report shows legal professionals “falling behind” in implementing transformation initiatives – Legal Insider - 21 September 2022 - ACC and DISCO report shows legal professionals "falling behind" in implementing transformation initiatives - Legal IT Insider (legaltechnology.com)
[SOURCE 2] Association of Corporate Counsel – Trends in Legal Transformation and Technology Report - Trends in Legal Transformation and Technology Report | Association of Corporate Counsel (ACC)
[SOURCE 3] van der Meulen, Robert – 5 Legal Technology Trends Changing In-House Legal Departments – 24 February 2022 – Gartner - 5 Legal Technology Trends Changing In-House Legal Departments (gartner.com)