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LegalFinanceMay 18, 2023

Communication is the key to change management in the financial industry

No matter what industry a legal department is operating in, change management is both a challenge and a critical component of implementing new technology tools. In the financial services sector, however, the obstacles to effective change management can be especially difficult. In addition to meeting the needs of the law department staff who use it, legal technology at financial companies must adhere to strict guidelines and regulations that do not apply in most other industries.

Communication is the linchpin when introducing change, and this is especially true when doing so in a complex environment. A well-planned and consistently executed communications process can help stakeholders understand the importance of a technology change and facilitate their successful adoption of new solutions and procedures.

Wolters Kluwer ELM Solutions has published two introductory pieces to help financial industry legal teams get started on working through these potentially tricky communications processes.

Change management best practices for financial services: A brief, one-page overview of good communication on technology change, this checklist covers the three key phases of these communications, along with the high-level steps legal teams should take in each phase.

Three keys to communicating technology changes in your financial services organization: This easy-to-read eBook takes a format that emphasizes the challenges inherent in each communications phase and the solutions legal operations staff can use to address them.

Download both when planning technological changes in your organization to help the transition team ensure they take into consideration all of the critical aspects of communication for every affected stakeholder. And before you begin your internal rollout, don’t miss our podcast on the Worst practices and challenges of change management in legal ops. It provides perspective from one legal ops leader in the finance sector on common change management mistakes to avoid

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