OpenText™ is pleased to announce findings from a new report launched at Legaltech 2020 in conjunction with Ari Kaplan Advisors. The annual Next Generation Legal Operations report highlights the need to take control of eDiscovery costs, with AI, cloud and security all listed as top priorities for enterprise legal departments.
Key findings from the survey include:
- Controlling eDiscovery costs is the ultimate goal: Legal operations teams are focused on controlling costs by centralizing eDiscovery management, benchmarking success and partnering with managed review providers. The report found that nearly half (42%) have adopted a single vendor model, 77% contract directly with eDiscovery vendors and 71% have adopted a centralized approach to managing eDiscovery data.
- Increasing use and spend on AI tools: The drive to improve eDiscovery efficiency, spend and outcomes is fueling AI spending and usage. 83 percent of respondents plan to increase spend in this area and 49 percent reported using predictive coding (also known as technology-assisted review) in the past year (+18 YoY).
- Moving to the cloud is a key initiative to optimize operations: 69 percent of legal operations professionals saying their law departments are standardizing in the cloud.
- Data security is top-of-mind: 94 percent (+3% YoY) of respondents reported they have data security concerns around distributing electronically stored information to multiple discovery vendors and law firms.
At Legaltech 2020, highlights from the latest OpenText™ Release 16 Enterprise Pack 7 (EP7) will also be presented. Additionally, the OpenText Services Team will be on-site to discuss OpenText High-Efficiency Managed Review, which provides upfront budget certainty for eDiscovery and investigations document review with fixed fee pricing, reduces costs up to 80 percent and mitigates risk with measurably higher accuracy than alternatives.