Guest post: How legal services providers should be changing their models for the digital age

Guest post: How legal services providers should be changing their models for the digital age

Covid-19 continues to disrupt our personal and professional norms. In business – particularly, the legal industry – seismic shifts are occurring in how work is conceptualized and delivered. Corporate law departments and law firms that have not made digital a priority are considering all options in a new, decidedly digital world.

Remote working and social distancing have ignited a new appetite for technology that accelerates the profession’s agility. The move towards digital has rapidly evolved in all other business functions, and for the legal function it certainly enables much more than remote work. It affords an opportunity to maximize client and professional resource experience and creates new commercial value while redefining legal’s contribution to the business. Continue reading “Guest post: How legal services providers should be changing their models for the digital age”

Sponsored briefing: Legal tech – Too much of a good thing?

Sponsored briefing: Legal tech – Too much of a good thing?

Artwork and imagery used by kind permission of Haynes Publishing Group, a leading supplier of content, data and innovative workflow solutions for the automotive industry and motorists. For more, see www.haynes.com

 

Neota Logic

Nearly $1bn was invested in legal technology and New Law disruptors in 2018. That was across more than 50 funding rounds and included start-ups through to more established players, according to research from Investec. Venture capital, private equity, non-legal companies and trade buyers are increasingly interested in what they see as a highly-lucrative legal sector.

The frequency and scope of legal tech funding has also jumped markedly: a Thomson Reuters report in mid-2017 put investment into UK legal tech start-ups at just £16m in the previous 18 months. Hundreds of legal tech companies have subsequently popped up. Every law firm is quick to tout its latest innovation or partnership with a technology provider, while some even have incubators where they work with start-ups over several months, honing products. Continue reading “Sponsored briefing: Legal tech – Too much of a good thing?”

Enhance your contract negotiation process with a data and process-driven approach

Enhance your contract negotiation process with a data and process-driven approach

At most organisations, the contract negotiation process is highly manual, inconsistent and reliant on the institutional knowledge of the attorneys involved. Companies lack well-documented clause-level risk standards to advise on contract issues, and have no clear and consistent process for entering into agreements. The implications are unnecessary risk, inefficiency, cost and delays.

Taking a data and process-driven approach to enhancing the contract negotiation process can unlock hidden value that leads to a simplified contracting process, less risk, improved insights, higher productivity and a better bottom line. Continue reading “Enhance your contract negotiation process with a data and process-driven approach”

Can law tech’s big beasts Lexis and Thomson stay on top in a changing industry?

Can law tech’s big beasts Lexis and Thomson stay on top in a changing industry?

So ubiquitous have two companies become in legal tech circles that they are rarely discussed directly, just accepted as facts of life, like gravity or air. Those two are, of course, LexisNexis and the legal division of Thomson Reuters, which have over the last 30 years positioned themselves as the dominant providers of the informational ‘plumbing’ law firms require to ply their trade.

For LexisNexis that key moment came in the 1970s when an arm of the Ohio State Bar Association commissioned a project to deliver an information service exclusively aimed at legal research, named Lexis. During the same decade West Publishing was Lexis’ main competitor, using a computer-assisted legal research project that would later be branded Westlaw. Continue reading “Can law tech’s big beasts Lexis and Thomson stay on top in a changing industry?”