Every company wants efficiency. Being a top corporation requires efficiency and hard work and that's exactly what legal operation provides. Legal departments are supposed to provide just this to make sure that all the work is done smoothly. Take the example of Silicon Valley that took the help of legal operations to get to where they are today and not only catch up to their rivals but also beat them.
Legal operations refer to the operations necessary for a functional legal department. These operations ensure that legal departments can provide more effective legal services.
Legal Departments are becoming more sophisticated in terms of the need to align with any company's strategies in certain areas. Increasing efficiency, training the legal team properly, adapting to the new times, selecting responsible suppliers are some of the keys that encompass legal operations.
Meet Jessica. She leads the legal team at a popular real estate firm. Her team is hardworking and dedicated - but she’s noted their performance has been faltering as of late. With heavier workloads, the team clearly wasn’t working as efficiently as they could be.
Each day they’d spend hours drafting complex contracts by hand, tediously copying and pasting clauses and explaining contracts to different parties. There were communication breakdowns due to poor collaboration between colleagues - and even some contract errors. For Jessica, it was evident: the legal team was placing all their energy into drafting legal documents, instead of supporting the real estate firm to really thrive.
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.
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.
Technology is undoubtedly revolutionizing and transforming different sectors and industries, And of course, one of the sectors that do not escape this transformation is the legal sector.
It has become absolutely necessary that all legal professionals are prepared to face these new digital transformation technologies while being able to take full advantage of the benefits of these digital tools.
According to many business forecasters and market statistics, Legal tech has been receiving a massive amount of investment worldwide. This makes us wonder what does it really mean for the Legal professional and how is that money being spent?