Source: CLOC
Legal technology has become essential for corporate legal departments aiming to optimize their spending and drive efficiency. According to a Legaltech report, legal departments increasingly see tech solutions as critical to achieving these goals, with 78% of them labelling legal technology as a “must-have.” As businesses strive to become leaner, legal technology is no longer a luxury but a necessity for cost-conscious operations.
One major area of impact is contract lifecycle management (CLM). These tools streamline contract reviews and approvals, reducing the time spent on low-complexity contracts from hours to mere minutes through automation and AI. By cutting down review times, legal departments not only save time but also ensure faster business operations. Similarly, e-billing systems provide a clear overview of external legal spend, helping departments allocate resources more strategically and identify areas for cost savings based on historical data.
Another transformative tool is knowledge management systems, which allow business partners to access legal information themselves, reducing the number of routine inquiries directed at legal teams. This self-service capability increases efficiency for both the legal department and the business units, creating a win-win scenario in terms of productivity and cost reduction.
Read More: CLOC
