To help chief legal officers (CLOs) explore technologies that can help them increase efficiency and align legal strategy with corporate strategy, our Tech Bytes series explores common pain points of legal departments, the benefits of automation, and how CLOs can determine which technologies are best for their organization.
Part two: Analytics and artificial intelligence
Solving the challenge of unstructured data has brought the legal industry to an inflection point. For the first time, many labor-intensive, repetitive legal department tasks can now be performed by computers instead of humans. Legal executives should be able to leverage analytics and AI to free up legal department resources so they can perform more value-added work.
How can you identify improvement opportunities that are achievable, affordable, and can help move your legal department in the right direction?
Part one: Start at the beginning
With roughly half of legal departments facing flat or decreasing budgets, and more than half reporting stagnant hiring, the disconnect is difficult to reconcile—especially as the roles and responsibilities of the chief legal officer and the legal department continue to expand. And while technology isn’t a silver bullet, it can be a powerful tool that empowers legal departments to improve efficiency and contribute more strategically—if thoughtfully deployed.
Where should CLOs begin their digital transformation journey?