The role of legal technology in legal teams

The role of legal technology in legal teams

In today’s rapidly-changing legal landscape, forewarned truly is forearmed – especially when it comes to legal technology.

With so many options and with so much as yet unknown, approaching the issue of tech can feel overwhelming, especially when you’re also tasked with leading an in-house legal team, one that needs to prove its value and efficiencies to the wider business.

There are so many questions and concerns. Are you already running out of time? Should you find a well-reviewed new system and implement it as soon as possible to avoid being left behind? Does your team need special training? What tools are actually worth the investment?

We have put together these three interviews, taken from conversations with LexisNexis leaders, regarding the role of legal tech in legal teams:

 

1.  Legal technology - the holy grail of innovation?

Legal technology - the holy grail of innovation?

We've recently conducted an in-depth report:  Legal Technology: Looking Past the Hype - which surveyed over 130 in-house counsel, including 20 qualitative interviews to provide you with the answers you need – and in the time frame you need it. Namely, fast.

We cut through the noise and get to the essence of the issue in our exec video summary of the key learnings. In just 90 seconds.

So, first things first – is legal technology the holy grail of innovation?

In short, no. In this 90 second video, Maya Hodroj, Market Development Director for In-house at LexisNexis explains that innovation in in-house legal teams should not begin with legal technology. 

 

2.  Legal Technology: The role of panel firms and legal service providers

 

Legal Technology: The role of panel firms and legal service providers

Some see the advancement of legal technology as an opportunity, others as a threat. But regardless of how you view it, there’s no doubt that it’s simply a fact of doing business in today’s rapidly-changing legal landscape.

But while it is part of day-to-day life across the industry, there’s a gap in understanding between two sides of the market: namely, between in-house legal teams and external law firms. Greater communication and understanding is required.

With this in mind, we recently surveyed over 130 in-house counsel and conducted over 20 in-depth interviews in order to find out what in-house legal teams want and expect from their law firms with regards to legal technology. And the results were revealing.

Our Head of In-House, Sophie Gould, shares these key findings in just 90 seconds in her bite-sized Crafty Counsel video.

 

3.  The role of technology in legal teams—an interview with Rob Booth

 

The role of technology in legal teams—an interview with Rob Booth

Sophie Gould sat down with Rob Booth, General Counsel of the Crown Estate, to discuss the role of technology in the legal industry, and in particular in-house legal teams. The interview came off the back of the recent LexisNexis report,  Legal Technology: Looking Past the Hype.

Rob stressed the importance and value of capturing data and ensuring that it is properly fed back into his team's systems. It is only when you have a consistent feedback loop of data that you can reach the insights necessary to introduce a step change into process. Interestingly, our report echoes this sentiment with 72% of respondents expecting tech to enable new data insights in the future.

 

An interesting point of difference between our research report and Rob's view is that expectation of in-house lawyers relating to costs and technology. 75% of respondents expect lower fees from law firms as a result of using technology. Rob's perspective was that he wouldn't necessary punish law firms with lower margins as technology can provide a myriad of benefits beyond cost savings - for example better accuracy and speed of delivery.

 

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About the author:

Amy is an established writer and researcher, having contributed to publications, such as The Law Society, LPM, City A.M. and Financial IT. Her role at LexisNexis UK involved leading content and thought leadership, as well as writing research reports, including "The Bellwether Report 2020, Covid-19: The next chapter" and "Are medium-sized firms the change-makers in legal?"