The past decade has seen a profound transformation in the role and function of legal operations within businesses. The legal landscape itself has been evolving at a record speed, placing unprecedented demands on legal departments and altering their roles within the broader business structure.
The double-edged pressure of serving the corporation effectively while reducing costs has led to myriad changes, responds differently by every organization based on their shifting priorities, external influences on business demands, and new technological trends. This resource provided by Epiq provides an overview of the metamorphosis witnessed in legal operations over the past decade.
One of the key shifts observed within legal departments is the increased reliance on cutting-edge technology. Faced with increasing amounts of data and regulatory complexity, there has been an uptick in the use of cutting-edge technology to improve efficiencies, streamline processes, and enhance decision making. Machine learning, artificial intelligence, and predictive analytics are some of the advancements being harnessed to achieve better outcomes.
Moreover, changes have not been confined solely to the realm of technology. There’s also been an evolution in the way legal departments are structured and function. In an innovative effort to meet evolving business demands, many have brought traditionally outsourced tasks in-house. Furthermore, there has been an increase in the creation of specialized roles within legal departments, thus streamlining operations and ensuring that each functional area is given the right amount of focus.
The pace at which these changes occur has been quite dizzying and has challenged companies’ inherent resistance to change. Yet, the intensive demands of today’s business world leave no room for complacency. Forward-thinking businesses understand that evolving their legal operations in line with technology and market trends is not simply the savvy thing to do—it’s a necessity.