Today’s legal teams are taking a more proactive approach to managing risk, contracts, and outside counsel spend. For many firms, this advancement is thanks to the growing Legal Operations profession. Coming out of the CLOC Conference in May, which brought together thousands of legal professionals spanning operations to general counsel, a few themes were evident:
- Proactivity: Where the past two years have been much about being reactive to major external events such as COVID-19, the outlook ahead appears to be a far more proactive one, with a real feeling of change amongst the in-house legal community.
- Connectivity: Legal technology is seen as a viable solution to the ever-growing workloads and complexity, but interconnectivity is required to truly streamline workflows. The ability for LegalTech solutions to integrate with organization-wide systems has never been more important.
- Transformation: There is heightened focus around contract analytics and playbooks as the means to transforming and streamlining contracting processes. This is largely due to the desire to reduce risk, and better manage time and outside counsel spend.
- Efficiency: Conducting operations in the most efficient way possible, and delivering legal work more effectively in the face of external challenges.
“Automate as much as possible to have time to schedule impactful, creative, and strategic thinking. There is nothing more dangerous than a legal professional thinking. Carve out space for thought.”
“Advice to all of the other GCs in the audience – Get closer to legal operations.”
“Technical mastery is table stakes, and the operations mindset is the future of the profession.”
Using the CLOC’s Core 12 as the basis for use case examples, we will shed light on how intelligent Document Understanding technology that is pre-trained to structure, extract, and analyze legal and business documents on day one improves the functions of the legal operations team, and create business value that aligns to larger enterprise goals.
1. Business Intelligence: Legal Operations facilitate better decisions through data.
“In-house departments may struggle to access or identify the right data, and lack the culture or tools to make consistent use of analytics.”
How Legal Document Analysis software can help:
Look across your entire contract population at once to quickly uncover hidden trends, poison pills, or opportunities. Data accessibility and information identification challenges become a thing of the past.
- Reduce duplication of effort
- Review contracts in mass rather than 1 by 1
- Tell actionable stories with your information and make faster decisions grounded in data with dashboards, structured contract data, and more
2. Financial Management: Legal Operations maximize resources through sound financial management.
How Legal Document Analysis Software can help:
Spot new opportunities for savings and efficiency. Reduce waste, capture new revenue opportunities, and improve financial stability.
- Inform the company’s growth strategy by identifying price escalations & new revenue streams
- Proactively find overcharges or contradictory contract terms that may indicate future billing errors. Spot new opportunities for savings and efficiency
3. Firm and Vendor Management: Legal Operations develop firm and vendor relationships that deliver value.
In-house teams express challenges when dealing with outside firms, but partnership and specialization is critical. “Lacking clear alternatives, in-house teams may default to traditional pricing and staffing models, which can deliver less accountability and value.”
How Legal Document Analysis Software can help:
- Optimize spending and simplify vendor management with automated workflows and reminders from the source of truth (no more missed auto-renewals!)
- ThoughtTrace puts your contracts at your fingertips for reliable, instant access to the terms of your vendor contracts; it automatically identifies obligations, and eliminates oversight of the fine details during vendor due diligence and onboarding. Extract terms and obligations
- Structure and compare terms from previous agreements to inform pre-execution decisions and negotiating levers
- Ensure obligations are being followed up on in a timely manner – avoid reputational harm and hefty fines – run the business more efficiently!
4. Knowledge management: Legal Operations need to tap the knowledge and capability of your entire organization.
“Today, departments often struggle to find and retain knowledge and best practices. Most rely on unstructured “tribal knowledge” that fails to scale as the team grows or changes, forcing costly re-work.”
How Legal Contract AI can help:
- Inform your contract drafting by easily leveraging your past work
- Effortlessly access your universe of documents, or a very specific example, in an organized platform
- Surface clauses regardless of where it exists and view it alongside the actual document for reference
For legal operations teams are uniquely positioned to lead the charge in leveraging technology to better align their department with the business, and become a valued strategic partner. They just must be equipped with the tools, processes, and insights they need to make the greatest impact at their organization.
Learn more about contract intelligence technology to improve business outcomes, simplify workflows, and save time. ThoughtTrace has domain-specific and deep models that work on day one – period. There is no additional model training required by our users. Models are informed by over 600 attorney editors from leading “legal-know-how” Practical Law. Request a Demo.