Robots predicted to make major savings for legal departments
The next decade will see robots and artifical intelligence become key drivers in the delivery of legal services, research conducted for the GC Futures Summit has revealed.
Legal departments will increasingly rely on technology and the advances of AI and robots to deliver cost-effective legal services, GCs say.
A multibillion-dollar market
A survey by legal information services provider Mitratech showed that corporate law departments spend $1.5 billion annually in the US on 11 types of software—from matter management to compliance to legal analytics – in a market with a $6.5 billion potential. It also revealed that corporations are handling more legal matters without significant growth in their law departments, while at the same time, they are reducing spend on outside counsel. As a result, each lawyer is taking on a greater workload.
Set for discussion
These are just a few of the subjects for discussion at the GC Futures Summit 2016 in London on 1 November, which will be attended by 150 general counsel from around the globe. Other issues on the agenda include: leading during times of change; harnessing innovation in the legal profession; managing commercial risk; cyber-security and demonstrating the value of legal teams. For further information, please email firstname.lastname@example.org.