General counsel are deploying software to automate routine risk and compliance work and finding opportunities to collaborate with other departments, according to a research report from Deloitte.
‘Going Beyond Risk and Compliance: Legal Functions Embracing Digital Technology,’ examines the emerging role law departments can play company-wide. Deloitte partnered with Oxford Economics to survey 300 in-house legal department executives in nine countries. The findings stressed that legal departments face increasing pressure from within their organization to do more with the same or fewer resources, take on new responsibilities and contribute as a business partner to the organization’s strategy. Deloitte state it’s seeing an increase in clients’ legal teams ‘proactively’ looking to buy or are building software enabling globally consistent delivery of user-friendly legal advice for its business. Contract automation, document management and analytics software and blockchain-based technology are becoming expected by clients from their legal service providers.
The report concludes many legal departments are using legal technology to help decrease risk, automate compliance work, and allow in-house to become more connected to other departments. Over half, 56 percent, of respondents reported their department is investing in risk management and compliance technology. Many legal departments are aligning their department’s strategy with the organization by refining processes and workflows and using new software, according to the report. They are also using outsourcing and shared service centers to drive efficiency and standardization. Collaboration across departments seemed feasible as almost all (86 percent) of respondents said their legal department has data platforms that allow collaboration with other departments. However, more than half weren’t investing in technology to automate manual work or allow for even more collaboration. Full report can be seen here.