Technology company legal teams are very familiar with the change and uncertainty that have affected the industry in recent years. While it may be difficult to forecast the specific shifts that will affect technology companies in the near- to mid-term, what we can count on is continued change. Corporate legal departments (CLDs) in the technology sector must always stay ready to respond to swiftly evolving regulations, unexpected global events, and the economic ramifications that come with them.
Fortunately, these corporate legal professionals have access to tools that can help them improve legal operations performance, positioning them to be well-prepared for the future, whatever it brings. Now is the time to invest in innovative technologies that will benefit your CLD – and the business writ large – today and further down the line. Put another way, tech companies should use this moment to future-proof their legal departments.
Our new whitepaper, Is Your Technology Company’s Corporate Legal Department Future-Ready?, looks at how to do just that. It explores three main components of a future-proofed legal department:
- Scalable spend and matter management
- AI solutions that improve results
- A flexible legal technology roadmap
Let’s take a closer look at the insights this new whitepaper contains.
Scalable spend and matter management
Matter and spend management are complex and time-consuming tasks. Rising workloads and staff reductions only compound the challenge.
To be sufficiently prepared for the future, your CLD must invest in modern spend and matter management solutions, which can save both time and money, now and in the future. These will help you attain complete visibility into all matters, enabling data-driven decision-making and a comprehensive view of costs, risks, workloads, and matter status. They will also simplify global e-billing, improve reporting, and help you better manage outside counsel.
Advanced AI technologies
AI can help you quickly and effectively enforce billing guidelines, review bills, offer insights on law firm performance, and free up staff for higher-value work. In fact, AI is a big part of modern spend management, as it can also predict and manage legal costs at a granular level—a task that’s particularly urgent in the wake of lingering economic uncertainty.
For AI to be effective, though, it must be combined with the deep domain expertise of people who understand both law and data science. This combination is a competitive advantage for Wolters Kluwer. We have a team of professionals who understand the legal space and data analytics. Additionally, our expert bill review team helps clients understand and maximize their use of AI-powered solutions.
A flexible legal technology roadmap
The third tenet of future-proofing involves creating a strategy for a flexible, modern legal technology roadmap. That strategy should include components of AI, matter management, and spend management.
Creating a strategic technology roadmap can help CLDs achieve technological maturity and maximize cost savings. A good roadmap consists of short- and long-term goals, with the former focusing on easier-to-achieve objectives and the latter being adjustable as needs evolve.
Future-proofing starts now
In addition to these three keys to becoming future-ready, our whitepaper includes:
- Step-by-step instructions on how to build a strategy for a legal technology roadmap;
- How to create a framework for assessing your CLD’s current level of maturity;
- A deep dive into the benefits of bringing AI into legal operations.
Download the whitepaper and start getting your CLD ready for the future.
