The LawTech of the future is already herePosted on Dec 15, 2016
We came across this article yesterday, describing a day in the life of a GC in 2020.
Obviously, tech was the theme running through everything that this GC of the future performed, from a slow morning start courtesy of legal tech efficiencies giving back time for the important things in life (like yoga), through to a quick AI review of contracts.
All very exciting, and something for GCs to look forward to … except, we’re already there for what was described:
- Contract management system – there are hundreds, take a look at www.capterra.com/contract-management-software/ (although driverless cars still coming)
- Legal Slack, already working well, www.slack.com or www.webex.co.uk for live drafting
- NDA creation, there’s www.contractexpress.com, www.hotdocs.com or www.exari.com
- Paperless billing? The billable hour is a thing of the past for many firms already, and take a look at ledes, www.counsellink.com and www.legaltracker.com
- IP/innovation management platforms, try www.anaqua.com, www.ipfolio.com or www.patrix.com
- For AI analytics of contracts, take a look at www.beagle.ai, www.kmstandards.com or ThoughtRiver
These are just a few examples, there are many more out there and some have been around for a decade or longer.
We couldn’t agree more with the premise that new technologies can, and will, help us to do our jobs better and help us be “healthier, happier people”, but almost everything on the list can be done right now. So, the question is not LawTech availability but about uptake.
We invest heavily in developing our own proprietary software, which includes employing our own team of developers, and, where appropriate, we also use best-in-class third party products. We also maintain a clear understanding of the opportunities and pitfalls of implementing technology to enhance the way your contracts are negotiated and managed. If you would like help understanding how best to adopt these systems now rather than wait until 2020, we would be delighted to talk.