Deloitte recently published a survey of 300 in-house legal department executives in nine different countries about their transformations in making better use of advances in technology to maximize efficiency, reduce cost and free up lawyers’ time to work more closely with the organization as a trusted business partner.
Risk management functions lead the way in readiness and adoption, which aligns well with our mission at ClearstoneIP to bring efficiencies and insight in patent risk management (i.e., freedom-to-operate and patent clearance).
The entire survey is worth a read, but here are a few interesting snippets:
- “Legal’s core missions of risk management and compliance involve a number of time consuming, repetitive tasks that leave little time to focus on innovation, strategy and value creation. These can often be alleviated through legal technology solutions that leverage process automation, artificial intelligence and advanced analytics.”
- “Between 50-68% of respondents, depending on the sector, say automation and process design could help reduce costs significantly and create efficiencies.”
- “As a whole, legal will become strategic, replacing rigid silos with more fluid structures so that in-house lawyers can transition to “business partnering,” which allows Legal to participate in the achievement of the organization’s objectives.”