The legal sector has been at an early stage of transformation driven by economic, demographic, regulatory, technology and competitive demands. Those forces will continue to drive change in the industry, with their impact now amplified by the COVID-19 crisis. While legal professionals are turning to technology to help them achieve better outcomes, not all in-house lawyers are doing so at the same pace, and those already leveraging technology have an early adopter advantage in terms of higher profitability and readiness to take on change.
Leveraging technology might sound easy given the number of solutions available in the market. However, selecting the right solution that fits your needs can be challenging, especially if you have no idea how your legal department fares in its maturity journey. Corporate lawyers who are overwhelmed by increased workloads and the added pressures of working from home risk to overlook assessing the legal department’s maturity and instead be tempted to decide on the first solution they can get their hands on. Most often, the outcome will be disastrous. Why? Imagine paying for a liver transplant when you only needed to treat toothache...!