Leading Law Departments
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It takes a village to handle LIBOR changes. To identify contracts that have LIBOR clauses and to revise them, a combination of a major law firm, a legal-service-support provider, and machine learning software makes headway. 'The Clifford Chance Data Science Lab, as well as other similar operations at large law firms and other organizations, has collaborated with Elevate to implement our AI platform ContraxSuite, as well as other software tools, in ongoing LIBOR transition projects.'
Click here for the full text from Elevate.
How to find specific clauses in contracts. As a starting step, your law department needs to have access to a contract repository to take advantage of a capability such as this one. 'Contract management platforms that use artificial intelligence to track and identify all of the Force Majeure clauses in a contract repository enable you to quickly find which of your existing contracts contain these clauses and, along with text search capabilities, can search for Force Majeure clauses that contain specific terms such as 'disease' or 'pandemic.' Relatedly, this type of capability is able to show legal teams where they are exposed - that is, which of your contracts do or do not contain Force Majeure clauses.'
Click here for the full text from Evisort.
Growing need for in-house counsel at colleges. A disturbing insight into the rising legal risks of colleges, and the value of an in-house counsel. 'As evidence, they point to recent IRS 990 tax filings for liberal arts colleges that do not have in-house legal counsel. Those documents reveal that many colleges now spend so much on legal expenses that outside law firms are listed among their five highest-compensated independent contractors.'
Click here for the full text from Forbes' Michael T. Nietzel.
A network for all sides of the aisle. It's good to bring together people who share an interest, even if their business goals differ. '[T]he founders of the Legal Marketing Association's ® Conference recently launched the Legal Value Network (LVN) to connect professionals from law firms, corporate legal departments, alternative legal service providers, and technology providers. The goal, as LVN states, is to bring together those who are 'focused on designing, building, and implementing the foundations of a more contemporary and commercially-sound model of legal service delivery.'
Click here for the full text Thomson Reuters' Kelly Harbour.
Legal ops staff are far from ubiquitous. Late in 2019, Neota Logic surveyed 70 law departments (no details provided in the report regarding their size or location). 'Only 33% of those surveyed have a legal operations role within the team, but many of those achieving tangible results with tech have done so through legal ops.' The report has almost no metrics from the survey; mostly, it contains quotes from various senior members of law departments, including Neota users.
Click here for the full text of the report from Neota Logic.
Focus on legal risks or strategic priorities? Many observers of law department management talk about law departments focusing on the highest legal risks. Here is a statement from a law firm that takes a different perspective. 'Legal departments are overlaying spend against key objectives of the company to ensure that the allocation of legal resources aligns with the strategic priorities of the company.'
Click here for the full text from Orrick's Wendy Butler Curtis, Chief Innovation Officer, Orrick & Kate Orr, Senior Innovation Counsel, Orrick.
High-level comments on legal technology. Instead of quoting from the publication, here are two images that have value on their own.
Click here to get the report from Hyperion and Mitratech.
Three tips for penetrating vendors' demos. 'The dirty little secret of the software world is that many vendors will demo functionality that doesn't fully exist yet. ... First, be wary of any vendor who takes multiple weeks for even setting up the demo. That's a red flag that they are likely going to show you something custom and not already existing in the product, or the fact that their system administration is so complex that it takes weeks to setup for your demo. Second, be wary of any demo that is overly broad. You want the vendor to show both a simple use case but also a peek behind the scenes at how the product is administered and configured since you will want to maintain the solution yourself for years to accommodate your changing business needs. Lastly, be wary if the vendor is unwilling or delays in providing a sandbox trial for you to play with. This probably means that their sandbox environment doesn't exist, is too complicated for short-term use, or its out-of-the-box functionality is not the same as what they demoed.'
Click here for the full text from Malbek's Becky Holloway.
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Top News
- LIBOR Transition Projects: Where are we now? How is tech performing? (via Passle) Elevate Services Blog, March 14, 2020
- Using AI-enabled Contract Management for Force Majeure During Pandemic Evisort Blog, March 13, 2020
- Small Colleges Are Lawyering Up. Here’s Why. General Counsel News, March 12, 2020
- Legal Value Network Launch Highlights Growing Collaboration Among Business of Law Professionals Legal Executive Institute: Blog, March 12, 2020
- Roundtable Roundup: Best Practices for implementing technology in the corporate legal department Neota Logic Blog, March 11, 2020
- Evolution of CLOC Core Competencies: Observations from a Maturing Market Corporate Legal Ops Consortium: Blog, March 10, 2020
- A Buyer’s Guide for the Rest of Us: A Legal Technology Toolkit for Non-Legal Stakeholders Mitratech: Press Releases, March 9, 2020
- 4 Insider Tips for Choosing a CLM Solution and Implementation Partner Malbek Blog, March 9, 2020
PinHawk Microsites
- Protecting Your Domain From Back Door Risk Braintrace - Greg Spicer
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Coronavirus
- Kira Systems' Response to COVID-19 Kira Systems Blog, March 13, 2020
- COVID-19: Integreon Business Continuity Plan (BCP) Integreon, March 13, 2020
- Negotiating in a time of coronavirus Commitment Matters: Tim Cummins Blog, March 13, 2020
- COVID-19 Notice BoardBookit, March 13, 2020
- Law Firms Need to Get Creative in Hiring Amid the COVID-19 Outbreak Joe Borstein - Pangea3 - Blog, March 12, 2020
- Quinn Emanuel Shuts Down New York Office After Partner Tests Positive For Coronavirus General Counsel News, March 11, 2020
- Coronavirus: Top Ten Affected Industries Commitment Matters: Tim Cummins Blog, March 10, 2020
- Earnings Calls: What are Companies Saying About the Coronavirus? CorporateCounsel.net Blog, March 9, 2020
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In the News
- What Are the Components of Effective Board Governance Tools? BoardEffect Blog, March 13, 2020
- Key Performance Indicators in Higher Education Boards BoardEffect Blog, March 13, 2020
- COVID-19 Notice BoardBookit, March 13, 2020
- BoardBookit adds Task Management to Increase Board Meeting Efficiency and Effectiveness BoardBookit, March 11, 2020
- BoardBookit Surveys Transforms D&O Questionnaires and Complex Board Assessments BoardBookit, March 11, 2020
- GRC 101: The ABC’s of GRC BoardBookit, March 11, 2020
- What Are the Business Benefits of Practicing Strong Cybersecurity? BoardEffect Blog, March 9, 2020
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In the News
- Leadership Expectations Have Changed for CLOs: Are They Ready? Inside Counsel, March 13, 2020
- Resolving Financial Disputes Through Mediation Inside Counsel, March 13, 2020
- SEC Amends “Accelerated Filer” & “Large Accelerated Filer” Definitions CorporateCounsel.net Blog, March 13, 2020
- Data Analytics in Corporate Compliance – Part Two Inside Counsel, March 12, 2020
- Annual Meetings: Resources on “Going Virtual” CorporateCounsel.net Blog, March 12, 2020
- Legal Value Network Launch Highlights Growing Collaboration Among Business of Law Professionals Legal Executive Institute: Blog, March 12, 2020
- Data Analytics in Corporate Compliance – Part One Inside Counsel, March 11, 2020
- ESG: “They Seek It Here, They Seek It There, Those Institutions Seek It Everywhere” CorporateCounsel.net Blog, March 11, 2020
- Introducing “Focused Firms”: The Value of Concentration Legal Executive Institute: Blog, March 11, 2020
- The Rise of the Remote Lawyer: How Emerging Technology Is Enabling Work Flexibility Legal Executive Institute: Blog, March 11, 2020
- State of the UK Legal Market: Challenges Emerge to Growth and Survival Legal Executive Institute: Blog, March 10, 2020
- SEC Asks DC Employees to Work From Home CorporateCounsel.net Blog, March 10, 2020
- A New Study Looks at Perspectives of Male Law Students on Shaping Future Inclusive Workplaces Legal Executive Institute: Blog, March 10, 2020
- Having a Real Industry Focus: Clients Value Firms that Have a “Deep” Industry Focus — So, Do You? (Part 2) Legal Executive Institute: Blog, March 10, 2020
- View All Duff and Phelps: Publications, March 9, 2020
- Asset Managers Duff and Phelps: Publications, March 9, 2020
- Corporates Duff and Phelps: Publications, March 9, 2020
- Financial Institutions Duff and Phelps: Publications, March 9, 2020
- Government and Publicly–Owned Entities Duff and Phelps: Publications, March 9, 2020
- Legal Industry Duff and Phelps: Publications, March 9, 2020
- Earnings Calls: What are Companies Saying About the Coronavirus? CorporateCounsel.net Blog, March 9, 2020
- The Mission Begins Pre-Launch: Ensuring Legal Operations Success (Part 1) Legal Executive Institute: Blog, March 9, 2020
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In the News
- COVID-19: Integreon Business Continuity Plan (BCP) Integreon, March 13, 2020
- Don’t Hit Send Today's General Counsel: Career, March 13, 2020
- How Gun Rights Precipitated A Challenge To Non-Attorney Judges In Nevada Today's General Counsel: Career, March 13, 2020
- Coke, Pepsi, P&G Among Companies Sued For Making Oceans A Plastics Dump Today's General Counsel: Career, March 12, 2020
- “Reasonable Measures” To Protect Trade Secrets Today's General Counsel: Career, March 12, 2020
- Law School’s Copyright Video Accused of Copyright Violation Today's General Counsel: Career, March 11, 2020
- China Accuses U.S. Of Massive Hack Today's General Counsel: Career, March 10, 2020
- Two Years In Prison For Stealing Trade Secrets Today's General Counsel: Career, March 10, 2020
- Don’t Let Efforts To Thwart One Kind Of Virus Bring On Another Today's General Counsel: Career, March 9, 2020
- Supreme Court Defines “Actual” Knowledge Today's General Counsel: Career, March 9, 2020
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In the News
- LIBOR Transition Projects: Where are we now? How is tech performing? (via Passle) Elevate Services Blog, March 14, 2020
- Automate Contracting to Enable Lawyers to Practice More Law (via Passle) Elevate Services Blog, March 14, 2020
- What is no-code artificial intelligence? And how does it work? Agiloft Blog, March 13, 2020
- Using AI-enabled Contract Management for Force Majeure During Pandemic Evisort Blog, March 13, 2020
- SBLI 46th Annual Seminar on Bankruptcy Law and Rules Epiq Systems, March 13, 2020
- U.S. Did Not Coordinate, Notify EU About Travel Restriction: Diplomat Berkeley Research Group: News, March 13, 2020
- Coronavirus Puts Back-to-School Shopping on the ‘Do It Now’ List Berkeley Research Group: News, March 13, 2020
- UK Budget Pledges Cash for CCS, Green Gas, Fusion, EVs and More Berkeley Research Group: News, March 13, 2020
- Increasing Value When Negotiating with Payers Berkeley Research Group: News, March 13, 2020
- USPTO cancels in-person meetings Patently-O - Dennis Crouch, March 13, 2020
- USPTO update on in-person meetings US Patent and Trademark Office, March 13, 2020
- Negotiating in a time of coronavirus Commitment Matters: Tim Cummins Blog, March 13, 2020
- Friday Funnies: Exterro's Meme Series - Legal Hold Edition Exterro Blog, March 12, 2020
- A Quick Breakdown of E-Discovery Case Law: 2018 - 2019 Exterro Blog, March 12, 2020
- doeLEGAL Wins Gold Stevie Award for Inbound Marketing Program of the Year doe Legal, March 12, 2020
- Jennifer Mannino Joins BRG's Transaction Advisory Practice to Bolster Integrity Due Diligence and Other Areas Berkeley Research Group: News, March 12, 2020
- Budget 2020: Government Confirms £5bn Broadband Boost Berkeley Research Group: News, March 12, 2020
- How Coronavirus Affects the Global Supply Chain Berkeley Research Group: News, March 12, 2020
- BRG Report Examines Coronavirus Effect on Retailers Berkeley Research Group: News, March 12, 2020
- Exclusionary Conduct Patently-O - Dennis Crouch, March 11, 2020
- USPTO hiring hundreds of new examiners in 2020 Patently-O - Dennis Crouch, March 11, 2020
- Overcoming E-Disclosure Challenges Created by Snowballing Data Volumes Exterro Blog, March 11, 2020
- Zis is vat happens venue disrespect my sovereignty Patently-O - Dennis Crouch, March 11, 2020
- Social distancing: just one more step Commitment Matters: Tim Cummins Blog, March 11, 2020
- Keeping Your Settlement Secret from the Court? Patently-O - Dennis Crouch, March 10, 2020
- Contract Lifecycle Management: Why It’s Critical to Your Business Evisort Blog, March 10, 2020
- Coronavirus: Top Ten Affected Industries Commitment Matters: Tim Cummins Blog, March 10, 2020
- UK Patent Law Primer: Reading through Judge Stone’s New Opinion Patently-O - Dennis Crouch, March 9, 2020
- Statement by U.S. Secretary of Commerce Wilbur L. Ross and USPTO Director Andrei Iancu on the Election of Daren Tang as WIPO Director General US Patent and Trademark Office, March 9, 2020
- Patently-O Bits and Bytes by Juvan Bonni Patently-O - Dennis Crouch, March 9, 2020
- 4 Insider Tips for Choosing a CLM Solution and Implementation Partner Malbek Blog, March 9, 2020
- Computer as a Tool: Abstract Idea Patently-O - Dennis Crouch, March 9, 2020
- International Women’s Day: Molly MacNeil CPA Global, March 9, 2020
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| | Rees Morrison, Esq., Editor
Rees Morrison, Esq. is a Senior Manager at EY consulting to law departments on management issues. The views he expresses in Leading Law Departments are his personal views, and are not necessarily the views of EY. |
Blog: JurisDatoris.com | Follow me on Twitter: @ReesMorrison | Join my LinkedIn group: Law Department Management
Follow all the PinHawk highlights @PinHawkHappens Website: PinHawk.com Blog: PinHawkBlog.com
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