What Does It Take to “Go Digital” in Legal?
Industry experts predict that successful businesses will soon become 100% digital for all transactions. The key challenge is how to “go digital” in the right ways.
For most companies, it will be an incremental journey.
TodaysGeneralCounsel.com suggests that organizations should focus on a broad enterprise-wide information governance strategy developed by IT, legal, records and business stakeholders.
Doing so improves governance, risk management and compliance programs. Some of them are:-
- Safeguarding transmissions of confidential information
- Using technology to align with client expectations.
- Understanding international standards and regulations.
- Learning from best practices in consumer services.
Look for paperlessopportunities in core tasks. Most law firms and in-house legal teams that have achieved the greatest procedural efficiencies and controls began with small initiatives. Findlaw.com suggests that effective contract management requires active involvement of all stakeholders responsible for managing the company’s commercial activities.
A good starting point is to collaboratively review and map contract execution steps across your organisation to determine which transactions would benefit from digital technology.
In a recent industry survey, many core tasks identified by cross-functional teams as targets for digital transformation are also ones that tended to inundate legal teams with paper. The net result of embracing digital processes is greater business productivity and fewer legal bottlenecks.
Here are examples.
Legal and Operations
Service contracts, M&A agreements, document retention, policy management, policy compliance, and board documentation.
NDAs, releases for background checks, offer letters, benefits enrollment, direct deposit forms, and severance agreements.
RFPs, NDAs, sole source justifications, contracts, MSAs, statements of work, POs, and supplier compliance documentation.
NDAs, contracts, end-user agreements, T&C’s, POs, deal split requests, compensation agreements, and reseller agreements
Download this best practices paper to learn some more important ways that legal teams can make meaningful progress in their digital transformations.