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X Close Signup Modal Above The Law In your inbox Subscribe and get breaking news, commentary, and opinions on law firms, lawyers, law schools, lawsuits, judges, and more. Are you losing prospective clients at your law firm? Check out this guide from Clio here. Download Now! The survey indicated the following categories: Foundational Technologies are basic tools that deliver benefits today and set the stage for an organization to integrate more advanced technologies on an ongoing basis.
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These include client portals, electronic matter management, data security tools, and billing software. Enabling Technologies improve efficiency, productivity, and work product, and often require some level of change in work process to fully leverage them. Transformational Technologies deliver demonstrable new business results. This category includes artificial intelligence, machine learning, predictive analytics, and blockchain. For professionals in the Corporate Legal Department CLD space, there are several technologies that I believe will see continued investment in the coming months: Knowledge Management KM : While KM may seem to be a given to many readers, heightened complexity and volume of information was named as a leading challenge for respondents of the Future Ready Lawyer.
Leverage of a manageable and intuitive knowledge management system will continue to be an important asset for corporate legal departments. Contract Management, Contract Review, Contract Intelligence: The application of technology to the contract is, in my humble opinion, the hottest and fastest growing area within legal tech with an increasing focus on use cases for CLD professionals.
Depending on the level of technology involved, these solutions can span the enabling technology and transformational technology categories. Legal Operations, Time Tracking, Process Improvement: As the focus on legal operations continues to grow, we will see additional investment to measure costs and time and then help the CLD optimize spend. These solutions can also span enabling and transformational technology, depending on the type of capability they involve.