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Efficiency drive shapes legal tech priorities in UK financial services
UK financial services institutions are thinking more strategically about their adoption of legal technology as in-house legal teams are charged with finding tools to deliver operational efficiency.
This priority reflects the expectations leading financial services companies have of their legal function: that they will lead and shape strategic direction and implementation of business strategy and be more accountable for companies’ performance and costs.
According to 10 leading UK-based banks, insurers and asset managers we talked to, the anticipated revolution of AI-powered legal tech solutions has yet to materialise. Many in‑house teams recognise that they need a more advanced strategy for harnessing data to make the most of the potential AI offers. Instead, many are focussing on existing corporate IT tools rather than bespoke legal technology applications.READ MORE |
After a year of operating away from the office, working remotely has become the ‘new norm.’ Many corporate legal departments are required to ‘go digital’ — almost entirely — now. For some lawyers, the notion of working from home (WFH) is not unusual; for others, it’s a daily struggle to stay productive and connected. The frustration is understandable, given the number of regular files and contracts — often still in paper formats — contained in every business. It is no wonder, then, why in-house corporate counsel still grapples with managing documents efficiently and effectively, particularly during remote working. Fortunately, a legal technology solution can help general counsels (GCs) and legal teams stay on top of agreements and related documents during these times. The latest digital tools allow GCs and legal teams to streamline the contract management process and even eliminate manual contract review altogether. They are as cost-effective as they are time-saving.
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Six-month seat option forms part of magic circle outfit’s training contract programme.
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Law Commission of Ontario releases report on AI and automated decision-making systems
The Law Commission of Ontario has published Legal Issues and Government AI Development: Workshop Report, which discusses opportunities and issues arising from the government’s use of artificial intelligence and automated decision-making systems, including disclosure, bias, due process and public participation.
In late 2020, the commission, alongside the Ontario Digital Service, organized four workshops that invited Government of Ontario lawyers, policymakers, operational managers and technology authorities, as well as the commission’s counsel and advisors, to discuss policy issues for AI systems across the four stages of their development: design, implementation or operation, oversight or evaluation and legal challenges.
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Brightflag expands through COVID recession, as companies place greater scrutiny on legal spend
As the COVID-19 economic downturn forced organizations into belt-tightening mode, the AI-powered legal spend and matter management platform Brightflag saw significant growth in 2020, which it plans to continue throughout 2021.
Last year, the company nearly doubled its annual recurring revenue, and it plans a 60-employee hiring spree in 2021. In December of last year, the company raised $28 million in a growth equity investment, led by specialist investor One Peak. Brightflag said it plans to use the funding to expand its international operations and accelerate product innovation.
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Leading Digital Disruption in the Agile World
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Source: One Legal
Photo: Getty
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