Legal Tech: Establishing, Collecting, and Analyzing Metrics for Success
Liza Pestillos‑Ocat
As legal tech vendors, we’re often asked, “What’s the ROI on your software?” Our response is familia(...)
Generative AI in litigation: Turning talk into transformation
Opus 2
In recent years, generative AI (GenAI) has captured the legal industry's attention, moving from buzz(...)
Many corporate legal departments today deploy document and email management systems (DMS). Documents are the lifeblood of lawyers and they produce a plentiful supply of them. It is critical that they have a very effective document management system to assist their department to be more efficient, increase productivity and mitigate risk.
As companies look to automate more processes to keep pace with rising consumer demands, artificial intelligence (AI) is no longer some far flung technology being used solely by tech giants. In fact, AI is exiting uncharted territory and entering the mainstream of the enterprise — allowing companies to introduce smarter processes without disrupting workflows.
Take legal teams for example, which handle a variety of routine, administrative tasks like document editing and routing. According to a report by SpringCM, legal is the primary department that handles contracts for 59 percent of businesses.
According to the recently published ILTA 2018 Technology Survey, 69% of surveyed firms expect to move to the cloud in 2019, an 18% increase compared to a few years ago. This presents an immense opportunity for firms large and small, making the shift to of the cloud, to optimize target system capabilities and ultimately improve workflow and business processes. Content migration takes on many forms depending upon systems and the firm’s needs, but in order to take full advantage of any new cloud system, some level of data transformation must take place. Let’s dive in.
How do you energize a user base that’s already undeniably satisfied using one of the most successful document management platforms? You offer bold predictions, tightened-up security, tenacious commitments, numerous platform upgrades, a fondue party and plates of melted cheese – all built on a stellar 19-year record of over-achievement with a laser-focus on the future.
Large scale enterprise content management (ECM) system migrations have typically been accomplished using a combination of import software, support utilities, fix-it scripts, database scripts, and expertise on the internal workings of both ends of the process. Make a mistake? Run some SQL statements and clean it up. Not fast enough? Write document files directly to the file system. While migration methods and best practices are abundant, typical on-premise migration engagements are usually services-heavy.
The first transoceanic event for the Australian Legal Technology Association brought a group of U.S. firm lawyers, in-house counsel, consultants, media and industry commentators a look at Australia-based legaltech solutions.
Today’s leading law firms have many things in common, whether it is top talent, steady firm leadership, efficient business operations, or the access and ability to leverage cutting edge technology. These top firms are increasingly recognizing the significant value associated with innovative approaches to client service that include integrated teams and their ability to offer broader and deeper technology solutions. Firms staying on the cutting edge of technology are moving to more flexible, modern enterprise content management (ECM) platforms for example, and becoming more client-centric by leveraging third party collaboration solutions.
Law firms face constant threats in cyberspace. They hold a treasure trove of sensitive data that’s attractive to everyone from homegrown hackers to hostile nation-state actors, and according to the American Bar Association 2017 Legal Technology Survey, 22 percent of law firms experienced a cyberattack in 2017 (up from 14 percent in 2016). Following a breach the global average “dwell time” for an intruder to remain inside an organization is 191 days. The most infamous law firm hack to date was the breach of the Panamanian law firm Mossack Fonseca, which ultimately led to the firm’s closure.
Join ALTA in San Francisco for the First Australian Legal Tech Demo Day
Companies planning for their 2019 legal technology should think outside the box – and outside the Northern Hemisphere. There has been a boom in legal innovation in Australia in the past decade, culminating with the 2017 birth of the Australian Legal Technology Association (ALTA).
Ransomware has become the premier weapon of choice for cybercriminals to launch cyber attacks, cause disruption and generate significant revenue. While some argue that ransomware attacks are slowing down, the data shows otherwise. A recent report by SonicWall shows that nearly 100,000 ransomware attacks are happening per day in 2018. This is a whopping 25 times higher than the previous number of 4,000 attacks per day that was reported by the FBI in 2016.
When organizations invest in technology, they expect something in return. Common expectations in the legal industry include improving service delivery, making work processes more efficient and boosting staff productivity. Mitigating risk and creating a competitive advantage also top the list of anticipated outcomes.
While most firms and in-house legal departments have a good “feel” for if a technology they’ve implemented is providing benefits, few know exactly how much a particular solution saves them in actual time and money. Or better yet, whether that technology helps them grow revenue or make better bottom-line decisions.
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