When we look at the future of legal tech in the next few years, the value of having a digital strategy in place for the legal function will re-shape the contracting role. We’ve discovered the possibilities of how to work remotely and efficiently by implementing online legal tools at a faster pace out of necessity.
This push is leading to some outstanding innovations which are only continuing to flourish. More and more people are embracing digital signatures. In addition, online tools are becoming more user-friendly, and businesses are enabling new tech tools in record time due to the increase in distance working.
The push toward digitalization in Legal
It’s no surprise that many workplaces and services are becoming more digitalized, but Legal has previously been behind other industries in adopting new technology. However, there has been a big push in the past couple of years to bring many legal services online, including the entire legal contracting process. This involves not only contact creation with AI, but also online negotiation, e-signing, intelligent analysis of contracts for strategic planning, and more.
As technology enables new strategies, those companies who aren’t as quick to catch up may be left behind. There is an expectation from clients now to have quick access to online information regarding contracts, as well as from those who work in the legal field. There is no longer any patience for the old methods of filing and locating information when it’s easily available to implement digitally.
As you know, a large majority of legal teams have already incorporated e-signing, but not necessarily understood the benefits of having the entire contracting system in one location. Not only does this make things easy for all parties involved to locate what they need, it’s also much more secure. Permissions can be set to eliminate unwanted changes. Approval flows can be put into place for routine contracting issues. Best of all, contracts are always updated with the latest compliance rules for any region with intelligent contract solutions.
The legal teams that modernize with contract management software are finding it easier to handle larger amounts of contracts in a short time. Plus, with routine contracts, it’s easy to automate a lot of busywork, leaving lawyers more time to spend on strategic matters.
Using tech to strategize
And speaking of strategic matters, today’s contract management software also includes the ability to analyze the contents of contracts to aid in making decisions. It’s now possible to compare the same types of contracts, get a better idea of how well certain clients follow the stated terms and how to strategize for future clients or renewals. For many companies, this feels like a bonus to having contracts safely stored after signing.
Companies with legal teams should be made aware of all the recent innovations that make legal work flow while saving countless hours of repetitive work. The resources we’ve discussed here are only the tip of the iceberg when it comes to Legal modernizing the entire contracting process.
Taking advantage of legal tech solutions
If you would like to read more about upcoming legal tech and its advantages, don’t get left behind. Take a look at our 2022 Legal trend report where we go into detail about how to take advantage of the tech solutions available. Get ahead and learn how to use legal tech to eliminate repetitive tasks while building better relationships with clients.