What are legal operations? 

Legal operations are the essence of every corporation. The legal industry is evolving with increased demand for legal services that continue to be trending in any form of business. It is responsible for producing efficient plans for in-house legal teams and enhances their work proficiency with better decision strategies. The set of activities are much broader comprising intra- and inter-functional collaboration, innovative legal solutions to the clients, managing financial matters, technology, vendor management, data analysis to maximize the effective delivery of legal services. CLOC's model is based on twelve core competencies that are divided into 3 layers, specifically foundational, advanced, and mature level competencies. In other words, legal operations have turned down the concept of in-house legal from "cost center" to "value-creator".

In recent times, legal operations have morphed into a rather flexible aspect of most functional organizations driven by the need to provide business returns. Initially, in-house legal teams were tasked with mostly esoteric legal duties which could be executed by outsourcing.

Property technology, better known as Proptech, has become one of the major topics that are discussed in the real estate market with billions of dollars invested towards innovating and enhancing it.

In fact, the first two quarters of 2019 witnessed record-breaking investments of $12.9 billion streamed into proptech advancements.

Efficiently managing the "contract life cycle" can be a headache for many corporations. That is it is important to have a contract lifecycle management strategy in place.

Signing contracts to regulate the relationships that arise with suppliers and / or customers is something daily in many companies. 

These documents that we call "contracts" are nothing more than putting the parties' wishes in writing and are mostly fulfilled, but some of them may be breached, or at least part of the terms and conditions established by them. 

When that happens, the "contractual risk" that we will define below materializes and involves going to court to compensate the damages that have been caused.

Have you ever taken the time to decipher the legalese of a contract? How about a dozen? Every day lawyers are left trying to complete contracts without a standardised process, which raises the importance of efficient legal contract management.

As a legal professional, you can agree that reading good books is the best way to stay stay educated about the industry and to be on top of the inevitable changes that happen. As well as keeping abreast on issues emerging in the near and the far future.

We all saw how the unfortunate COVID19 pandemic pushed a lot of companies towards digital transformation, where e-signature played a crucial role.

You can witness that advanced tech solutions are becoming an essential parts of almost every contemporary industry. Traditional ones are recognizing the benefits of the software tech assistants while the new industries are built on them.

Legal tech is becoming increasingly popular among big players in the legal sector and among the influencers and leaders of this sector. We can agree that there are many advancements in it and that it is bringing the sector to adapt to modern changes. However, in this article, we will walk you through the return of investment in different types of those legal techs and how beneficial they can be for your practice both in the short and long term.