I was very excited to join OpenText™ as its global industry strategist for the legal sector due to the company’s focus and innovation on delivering a wide range of purpose-built legal solutions to many of the top global law firms, Fortune 100, and government agencies. As a recent arrival, and for my first blog, I wanted to share some insight into top technology trends transforming the industry today.
Around the world, enterprises are looking for ways to use data as effectively as possible to drive growth, improve productivity, and gain a competitive edge in the market. Modern legal professionals are facing an increased pressure to efficiently manage legal content and internal processes, and to guide their businesses and clients on data-related issues like compliance, privacy, information management, litigation and security. To address this, these professionals are looking to technology for answers.
Greater Insights with Analytics and Artificial Intelligence
One area getting significant attention in the LegalTech market is analytics and artificial intelligence (AI).
These technologies help the legal industry – and business in general – by providing better and smarter insights from organizational data to detect compliance risks, predict case outcomes, analyze sentiment, identify useful documents and gather business intelligence to make better, informed decisions. Moreover, through automation and the use of predictive analytics, these technologies have significantly helped reduce the time and costs associated with eDiscovery.
Automation and machine learning are also making it possible to handle mundane and time-consuming tasks more quickly and accurately. This reduces human error, improves consistency, and frees up time so legal professionals can focus on more important, value-adding tasks—giving their clients more value for money.
Threat to Data Security
Legal professionals are playing a pivotal and increased role in driving and/or influencing decisions to protect data privacy and bolster data security. New privacy regulations such as the GDPR and the California Consumer Privacy Act, which takes effect in 2020, carry penalties exposing businesses to significant financial and reputational risk. Requirements like these are putting corporate legal teams front and center in the enterprise security discussions and technology evaluation process.
Law firms are also feeling the pressure from clients who want to be certain their information is being stored safely and securely and defended against malicious or unauthorized activities. Strong security protocols need to be in place to satisfy client security audits and to ensure attorney obligations to protect client confidentiality are safeguarded.
The move to the cloud
The legal industry is increasingly turning to the cloud – in large part because of its options for flexible deployment, improved infrastructure, greater support for mobility, and cost effectiveness. With the ability of cloud providers to demonstrate the highest standard of security and protocols, legal professionals are adopting cloud-based solutions more rapidly and with greater confidence.
Please visit the OpenText Enterprise World website for information on the specific sessions that are relevant to the Legal Industry.
About OpenText Enterprise World
Join us for Enterprise World in Toronto from July 9-11, where I will be discussing these topics and more. Find out how our Enterprise Information Management (EIM) platform can help the modern legal professional tackle legal and compliance issues, manage information, optimize processes, and minimize cost and risk. Please visit our website for information on the specific sessions that are relevant to the Legal Industry.
I look forward to meeting you there and speaking with you about how OpenText can support your needs and objectives. Register now to unlock the Information Advantage.