17th April 2020
17th April 2020
By Manpreet Dhillon, Head of Legal Transformation at ContractPodAi
Ever since the dawn of the digital era, lawyers have fallen a little behind. Many remain content with traditional legal practices - reluctant to adopt the latest legal technology and start their own digital transformation journey.
In a previous blog post, we discussed this digital transformation in the legal industry. But lawyers, in general, should become more strategic in their roles, managing legal risk by keeping up with technological changes whenever they occur.
Let's face it, lawyers have a “linear” way of working, and not much has changed in legal in terms of structure and process.
But what happens when there is a global pandemic, for instance, and lawyers are no longer able to meet with clients, attend court, and sign paperwork? Here is where risk management comes into play. It is one area in which legal professionals can become a little more forward-thinking and strategic.
The main issue for lawyers is dealing with countless contracts associated with a number of companies. Without a reliable system and process in place, paper contracts and associated documents can easily be misread or misplaced, which exposes more risk and leads to revenue loss.
So appropriately managing risks means using the right legal tech, such as a contract lifecycle management (CLM) system, that prevents these kinds of issues in the first place. What's more, with all contracts in one repository, they are accessible to an entire legal team and everyone else in a company.
When changes occur in the legal world, lawyers must change their own way of working to adapt to them. Examples of these are the General Data Protection Regulation (GDPR ) and London Interbank Offered Rate (LIBOR). Because of these new regulations, in particular, legal professionals have to review existing contracts, ensuring that they reflect GDPR and LIBOR, and that overall practices are not affected.
Mitigating risk this way amidst new regulations is crucial, and this can be accomplished with better data governance, business process compliance, and technology adoption.
The legal industry has technology at its fingertips but is slow to adopt and use it for its own benefit.
CLM systems and other legal tech only make legal work more efficient and effective, and many law firms and legal teams that have adopted it have a competitive advantage over those who do not.
Still, many lawyers continue to work manually, using paper forms and Excel. And they are just asking for security issues in addition to increased risk and a loss of revenue.
The bottom line is that legal professionals need to understand the risks associated with their jobs - and know what to do to avoid them. One way to mitigate risk is using a CLM system, like ContractPodAi. Our contract management solution is made by lawyers, for lawyers. So contact us today and request a demo to learn more.
Head of Legal Transformation
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