In this interview with Corporate Counsel Business Journal, Mark Nastasi, founder and VP of contract management company CobbleStone Software, discusses the evolution of cost-effective and user-friendly contract and procurement management software applications and continuous innovation in Contract Lifecycle Management.
Continue Reading Technology Solutions for Corporate Law Departments
In this interview with Corporate Counsel Business Journal, Karen Meyer, CEO of Contract Logix, a longstanding contract management software company, discusses the “hidden risks in contracts,” which can be miniscule or massive.
In this interview with Corporate Counsel Business Journal, Melanie Shafer, vice president of customer success and professional services with SimpleLegal, an Onit company, discusses the risks and opportunities corporate law departments face when purchasing software.
Continue Reading Trust, Not Tech: Why In-house Teams Are Reluctant Software Buyers
In this piece from Corporate Counsel Business Journal, Herman Raspé, a partner at Patterson Bellknap and chair of the World Services Group Board of Directors, discusses a wide range of topics, including the “technologization” of the legal profession. One hurdle he sees is money. “When I look at how law firm budgets have evolved over time, budgets tend to be based on: What did we do in the past? How did we cover our expenses, fixed, variable, etc.? While technology was certainly increasingly a large line item, I think it will need to be a much more significant line item,” Raspé says. The second challenge I have observed—within my firm, within WSG and in my personal life – is the more we get used to technology, the less patience we have it. It has to work immediately. It has to work all the time.” There is, however, a path forward: “Embrace it! Technologization of the profession is a wonderful thing,” he continues. “Daunting at times, but wonderful. I have enjoyed looking and experiencing and experimenting with new, technology-enhanced ways of building relationships with clients, building relationships within the WSG network, with other lawyers, and with other firms. Legal communication does
Continue Reading Embrace Technologization
In the latest edition of Harvard Business Review, the leaders of McKinsey’s technology practice get down to the tricky but serious business of “separating real innovation from hot air.” That’s the difference between a big win and a costly flop. Klemens Hjartar, a senior McKinsey partner who co-chairs the tech practice globally, believes game-changers such as AI, 5G and cloud are hitting mass adoption tipping points. At the risk of missing the boat, he writes, corporate boards need to prioritize budgets for upgrading IT. “These aren’t the sexiest investments, but automating processes, investing in data foundations, cleaning up tech debt, and continually renewing the IT architecture are needed for the business to have a chance of taking full advantage of the new technologies coming online,” he writes. William Forrest, global lead for McKinsey’s cloud practice, sees this as a ripe time to make bold bets. “Right now,” he writes, “companies have a can’t-miss opportunity to ramp up their cloud ambitions: as tech companies limit head-count and eliminate programs, top talent — not just the bottom 20% performers —are coming on the job market, While many of them are being snapped up quickly, companies should think through how to move quickly
Continue Reading Whither Tech?
According to the 2023 edition of the biennial report on Alternative Legal Services Providers published by Thomson Reuters Institute, the Center on Ethics and the Legal Profession at Georgetown Law, and the Saïd Business School at the University of Oxford, the ALSP market has “grown exponentially” and made “great in-roads” with corporate legal departments and law firms. “The market for alternative legal services providers is showing itself to be a highly dynamic part of the overall legal ecosystem and one that is growing at an increasing rate as it forges new paths to serving both traditional law firms and corporate law departments,” says the report, which is based on an online survey of decision-makers at law firms and corporate law departments in the U.S., UK, Canada, the EU and Australia. The maturing ALSP sector now accounts for a whopping $20.6 billion segment of the legal market, and the growth path is accelerating – to a compounded annual growth rate (CAGR) of 20% from 2019 to 2021 from its already robust 15% CAGR between 2017 and 2019. “Both law firms and in-house counsel are increasingly seeing the value of alternative legal services providers,” says lead report author James W. Jones, a
Continue Reading ALSPs: Zooming into Hyperdrive
In this piece from Corporate Counsel Business Journal, Dave Parks, VP of Marketing with Contract Logix, worries that the economic slowdown will hamper organizations already struggling to do more with less and optimize their investments in areas such as contract lifecycle management.
Continue Reading First, Ask These Questions About Contracts
In this piece from the Law Society Gazette of England and Wales, Mike McGlinchey, head of client consulting at Pinsent Masons Vario, Glasgow, discusses legal tech in a very practical way – when is tech the answer, when not – noting that the growth of tech is sprouting new problems.
Continue Reading When Tech, What Tech, Why Tech?
As many worked from home, accelerated by the pandemic and technology, it has been particularly difficult to avoid a growing threat posed by employees who have utilized private E-message platforms to conduct company business.
Continue Reading What’s Up with WhatsApp? Out of Control Business Communications
Greg Negus is the chief operating officer at Cornerstone Research. In this interview, he shares innovations in big data, as well as how artificial intelligence and machine learning can be used to support expert testimony.
Continue Reading Data Science Center Tames Big Data Projects