Corporates take pride in their legal departments' innovative prowess. But in-house lawyers want more. We look at how legal departments can transform their workflow through innovation.
As corporates strive to meet business goals with agility and efficiency, the role of legal teams is expanding beyond traditional boundaries. This blog delves into the key statistics and insights from a recent survey of over 800 lawyers, highlighting the areas most in need of innovation and the transformative potential of technology in legal workflows.
In-house lawyers are calling for a significant shift towards embracing technology to enhance their workflows. A striking finding from the survey is that only 13% of in-house lawyers believe their legal department is fast or very fast at implementing new technology. This slow pace of adoption is a concern, as more than four-fifths (82%) rated their department as adequate, slow, or very slow in this regard.
The demand for quicker responses to change is also evident, with two-thirds of in-house lawyers expressing dissatisfaction with their department's agility. Upskilling in technology is seen as crucial, with 65% of respondents indicating that tech skills will become increasingly important in the next 1-3 years. Alarmingly, 19% of in-house lawyers would consider leaving if their department failed to invest in AI.
Legal departments face the challenge of adapting to compliance regulations, changes in law, and rising costs. In-house counsel emphasise the need for cost-effectiveness, responsiveness, and specialist expertise from their external partners. A General Counsel at an energy company highlighted the importance of enhancing the client experience, urging external firms to act as extensions of the internal team.
The integration of AI is reshaping the legal sector, with four-fifths of the industry already adopting or planning to adopt AI solutions. In-house lawyers anticipate a growing need for strong tech skills, increased technology budgets, and the rising importance of legal operations. The pressure to adopt AI is mounting, with 38% of lawyers concerned about the impact on their careers if their department lags in AI adoption.
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Successful innovation requires more than just introducing new technology; it demands strategic adoption and integration into daily workflows. Tony Randle from Shoosmiths emphasises the importance of mapping out areas that will have the most significant positive impact. Comprehensive training and demonstrating real-world advantages are crucial for gaining user acceptance and trust.
Read the full report
The legal industry stands at a crossroads, where embracing technology, particularly AI, is essential for maintaining competitiveness. Departments that strategically navigate these changes will secure a competitive edge, meeting client demands for cost-effectiveness and agility while fostering a culture of continuous improvement. As technology becomes integral to legal practice, those who fail to invest risk losing their competitive edge and valuable talent.
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