Three areas legal leaders should focus their technology efforts in

2021-10-01 03:30

As legal and compliance teams have faced acute pressures since the global pandemic and are struggling to manage their workload, legal leaders should focus their technology efforts in three areas to derive the maximum benefit, according to Gartner.

"Technology adoption for the average legal and compliance team lags many other corporate functions, therefore legal must not try to run before it can walk," said Zack Hutto, director, advisory in the Gartner Legal & Compliance practice.

"Compounding this, the market has seen on-going consolidation even as new entrants continue to arise. Significant hype tends to follow more sophisticated technology innovation - like AI - as well. As a result, many legal leaders get overwhelmed by technology opportunities. Legal and compliance teams don't always know what they want, but they know they need technology."

Three critical opportunities for legal leaders adopting technology.

"While the right technology for a given team depends on their underlying priorities, their digital progress to-date, and their own risk posture, legal leaders must also monitor advancements in innovation to guide where they focus their technology investment," said Hutto.

Investments in foundational system(s) of record for legal and compliance promise to address all three trends, enabling better capture and reuse of work product, reducing the otherwise ad hoc data capture required for ESG reporting, and building datasets that could unlock the potential of analytics and AI. On the hype cycle for legal and compliance technologies there are several related technologies on or near the plateau that can help create such a system of record of that will benefit directly from one.

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