The year 2020 has been a one of unexpected challenges and opportunities, not just for law firms but for all businesses across the globe.
At TLT, the year began with a clear strategy, a fundamental part of which was strengthening the FutureLaw team and bolstering its innovation programme. For clients, the year began with legaltech strategies creeping higher on their busy and competing agendas, with a greater will and need to discuss the opportunities available to them to improve their in-house efficiency and capability, but also their collaboration with external legal counsel.
The COVID-19 crisis led to an unexpected acceleration of both acceptance and adoption of legaltech across law firms and by clients.
The impact of the virus has provided the nudge needed to speed up the universal adoption of remote working and other tools across the business world. It also brought the need to improve efficiencies, collaboration, speed of delivery and risk management sharply into focus, pushing law firms to hone how they work internally as well as how they deliver services to clients.
TLT has been investing in legaltech solutions for many years to help deliver legal services more efficiently. This technology has been tested, deployed and has various use cases, many of which proved to be ideal for supporting businesses through the pandemic.
We have deployed legaltech for our clients in various key areas:
Contract management will continue to be one of the top priorities for GCs across the UK, with 40.5% of GCs surveyed at the GC Strategy Summit 2020 identifying contract management as the top tech priority for 2021. However, 2020 has accelerated where many businesses are in their legaltech strategy, and as a result many are further forward in building strong foundations in their contract management and document storage than at the start of year. As such, we expect to see more focus on contract automation within that workstream.
Focusing on contract automation combined with an online portal that gives visibility across the business will ensure accurate contracts are drafted, efficiently, whilst managing risk and preventing bottle necks within legal teams, allowing legal teams the time to focus on strategic, added value work.
Written by Lisa Urwin and Clara Howard.
This article first appeared in The Lawyer.
This publication is intended for general guidance and represents our understanding of the relevant law and practice as at November 2020. Specific advice should be sought for specific cases. For more information see our terms & conditions.
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