A Closer Look at the Legal Department of the Future
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A Closer Look at the Legal Department of the Future

CIO Review

Future CLM technology, in contrast to the stand-alone, custom systems currently in use, will be integrated into a more extensive range of genAI-infused corporate technology platforms.

Fremont, CA: Corporate legal departments' roles are constantly changing. C-level executives are looking to their legal departments to broaden their priorities, focus on the bigger picture, and deliver strategic value—all while doing more for the same or even less—because they are focused on a combination of geopolitical crises, business performance, and the digital and AI transformation. 

Top forecasts on the evolution of the legal function 

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A minority of attorneys will work on legal teams

When technology and generative artificial intelligence (or "genie") revolutionizes approaches to insourcing and outsourcing legal services, the makeup of legal departments will change faster. Legal departments will change even more quickly due to demands for value, agility, and efficiency, with paralegals, prompt engineers, data scientists, and operational other non-legal specialties.

Businesses will use CLM

Future CLM technology, in contrast to the stand-alone, custom systems currently in use, will be integrated into a more extensive range of genAI-infused corporate technology platforms. This will enable a company to better control costs, manage risk, extract value, and enhance performance by allowing it to manage the value of its most valuable asset—its contracts—through a single platform.

Legal services

The legal services industry is evolving due to shifting business models and technological advancements. A more comprehensive range of legal "services," such as legal and risk advisory and consultancy, legal technology implementation, legal operating model transformation, and legal managed services, are now more in demand than legal "advice."

Data comprehension

A contract's terms determine the value it generates. After those conditions are established, it's critical to comprehend how they function in practice. This includes determining whether the value generated meets expectations, whether service standards are fulfilled, whether additional or modified terms are necessary, and whether to stop a connection.

Law department

Legal departments are evolving from the company's defenders to the engines of financial and business outcomes. The metrics that evaluate how successfully the legal department assists the company in managing and lowering risk and expense will be used to gauge the value they generate.

Experienced clients

The business-to-consumer industry pioneered a more personalized and user-centric experience that has set new norms for all types of corporate engagement. Legal divisions are not an exception. Internal clients now anticipate the customization and ease of use that come with user-centric design. A new equilibrium between external providers and the legal department may be created when the market for legal services develops, and business units have more opportunities to turn to other sources for assistance.

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