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Leading Law Departments
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See in a visual matrix the relative riskiness of your contracts. The image conveys what this software vendor explains as 'Risk Assessment Mapping'. 'When teams add a new contract to Contract Insight, VISDOM can help identify potential risk by systematically analyzing document text, allowing the system to identify both "good and bad" language in a contract per a rules-based sentiment. Graphic-based risk rating and mapping features of AI based contract management software provide valuable insight for assessing contract risk. An intuitive graphic such as a risk assessment matrix presents risk probability patterns and potential risk exposure. This level of risk visibility can aid teams in making informed risk management decisions with less hesitation.'
Click here for the full text from Cobblestone Software .
Adequate training must accompany software implementations.This comment applies not just to machine learning applications but to all software applications. 'The next important factor to consider is the amount of training your AI tool requires. You should not have to second guess how your AI works, it should be intuitive enough to interpret what you are asking of it.'
Click here for the full text from Wolters Kluwer.
e-billing software can help enforce law department policies. 'Even in BAU times [business as usual], spend management is an important strategic tool. ABF [a client of the vendor, BusyLamp] started their eBilling journey in 2012. [a member of the ABF legal department] reflects, 'It was a very manual process. We spent a lot of money but didn't know with which firms, how many firms, where in the world, who was instructing the firms or how much we were spending!' They also had a suspicion that the rule, 'legal must be notified before engaging law firms' was not being followed. Using eBilling.Space has allowed them to control this more effectively.'
Click here for the full text from BusyLamp.
Ultimately, you have to shift people's thinking to bring about change. This piece emphasizes change management for technology, but every management redirection in a law department raises similar challenges. 'Unfortunately, implementing any new technology-even one with significant benefits-inevitably presents a change management challenge. After all, it's human nature to resist anything new or disruptive. That's probably why many organizations continue to lag when it comes to managing change that drives the adoption of new legal technologies. In fact, the 2020 ACC Legal Operations Maturity Benchmarking Report found most in-house functions are at the beginning or in the middle of the maturity curve when it comes to change management.'
Click here for the full text from Wolters Kluwer.
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In the News
- High Tension: Emergent Issues in Employee, Client & Vendor Audits Legal Executive Institute: Blog, April 23, 2021
- The Returning Influence of Retail Investors: This Year’s “Sleeper Issue”? CorporateCounsel.net Blog, April 23, 2021
- The Hearing podcast: Trusting artificial intelligence in legal matters Legal Executive Institute: Blog, April 23, 2021
- Ex-Coca-Cola GC Bradley Gayton Had 'Unrealistic Expectations,' Source Said Inside Counsel, April 23, 2021
- Register Now Duff and Phelps: Publications, April 23, 2021
- It’s Here: “practicalESG.com” – Sign Up Today! CorporateCounsel.net Blog, April 22, 2021
- Lessons from small law firm business leaders Legal Executive Institute: Blog, April 22, 2021
- M&A 2021: Navigating Data Challenges and Competition Control Inside Counsel, April 21, 2021
- Am Law 200: Insights, Analysis & Where the Second Hundred Go From Here Inside Counsel, April 21, 2021
- Materiality: Traditional, New, Double or Dynamic? CorporateCounsel.net Blog, April 21, 2021
- Biden to Issue Executive Order for Climate Disclosure CorporateCounsel.net Blog, April 20, 2021
- New video: How to create a culture of innovation within a law firm Legal Executive Institute: Blog, April 20, 2021
- SEC Reopens Comment Period for Universal Proxy! CorporateCounsel.net Blog, April 19, 2021
- Morae Extends Strategic Advisory Team with Financial Services Expert Fergus Allan Morae Global, April 19, 2021
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In the News
- Federal Circuit Transitions Patently-O - Dennis Crouch, April 24, 2021
- Contract Management SaaS: Best Practices Agiloft Blog, April 23, 2021
- Why Jira and Salesforce Aren't the Right Places to Manage Contracts Linksquares Blog, April 23, 2021
- Proximo Zero: Financing the Energy Transition Berkeley Research Group: News, April 23, 2021
- Bank Regulatory Expert Deb Bonosconi Joins BRG’s Financial Institution Advisory Group Berkeley Research Group: News, April 23, 2021
- How To Improve Legal Operations With Contract Management Software Cobblestone Software (Exari): Blog, April 23, 2021
- Friday Funnies: Exterro's Meme Series - Cyber Breach Confusion Edition Exterro Blog, April 22, 2021
- MD5 Hashing: The Foundation of a Defensible E-Discovery Process Exterro Blog, April 22, 2021
- Guest Post by Prof. Dmitry Karshtedt: Nonobviousness and Time Patently-O - Dennis Crouch, April 22, 2021
- Why "Time to Value" Should Drive Your Contract Management Adoption Linksquares Blog, April 22, 2021
- Amelia Rubio Reflects on her Consilio Marketing Internship Consilio, April 22, 2021
- Nick Vandivere Live from Tableau: AI That Reads? ThoughtTrace Blog, April 22, 2021
- Africa’s Debt Dance with China in Creating the Belt Road Initiative Berkeley Research Group: News, April 22, 2021
- BRN Weekly: Valuing ESG: Doing Good or Sounding Good? Berkeley Research Group: News, April 22, 2021
- LIBOR’s Sunset and AMERIBOR’s Dawn Berkeley Research Group: News, April 22, 2021
- South America Energy Series 2021 Berkeley Research Group: News, April 22, 2021
- SPACs are Coming to Canada - Mergermarket Canadian M&A Forum Datasite (Merrill Corporation): Press Releases, April 22, 2021
- What Data Center Firms Need to Know About SPACs Datasite (Merrill Corporation): Press Releases, April 22, 2021
- Assignor Estoppel at the Supreme Court Patently-O - Dennis Crouch, April 22, 2021
- BRG-Identified Emergency Care Productivity Models Supported by Emergency Nurses Association Berkeley Research Group: News, April 22, 2021
- CobbleStone Ranked Among Top 3 in Current Offering Category in CLM Software Report Cobblestone Software (Exari): Blog, April 22, 2021
- Datasite Continues Global Expansion with Office Opening in Stockholm Datasite (Merrill Corporation): Press Releases, April 22, 2021
- Women in Technology – Featuring Lorena Mocanu Consilio, April 21, 2021
- Criminal Investigations and Social Media, Geolocation, and the Capitol Riots Berkeley Research Group: News, April 21, 2021
- Contract Management and M&A: Best Practices Evisort Blog, April 21, 2021
- How poor contract risk management minimizes agreement success Parley Pro Blog, April 21, 2021
- CECL Reserving and Credit Benchmarking Quarterly Study | Q4 2020 Berkeley Research Group: News, April 20, 2021
- Mustafa Hadi Appointed to Hong Kong International Arbitration Centre’s Finance & Administration Committee Berkeley Research Group: News, April 20, 2021
- Law Society of Singapore Litigation Conference Workshop 2021 Berkeley Research Group: News, April 20, 2021
- 4 Ways VISDOM AI Creates Smarter Contracts Cobblestone Software (Exari): Blog, April 20, 2021
- Federal Circuit Moves Another Case Out of W.D.Tex. Patently-O - Dennis Crouch, April 20, 2021
- ABA Ethics Opinion on Virtual Law Practice: Patently-O - Dennis Crouch, April 20, 2021
- Visualizing the Combination of Consilio + Xact Data Discovery Consilio, April 20, 2021
- Consilio and Xact Data Discovery Agree to Combine Strengths to Deliver a More Complete Client Experience Consilio, April 20, 2021
- Climate Risk: Financial Institutions—What Do You Need to Do Now? Berkeley Research Group: News, April 20, 2021
- Jennifer E. Ziegler, CPA, Appointed to Enforcement Advisory Committee of California Board of Accountancy Berkeley Research Group: News, April 20, 2021
- National Conference on CFIUS Berkeley Research Group: News, April 20, 2021
- 5 Benefits of Using Flexible & Automated Workflows During Contract Lifecycle Management Parley Pro Blog, April 20, 2021
- Sua Sponte Claim Construction Patently-O - Dennis Crouch, April 19, 2021
- Retail and Consumer Indicators Summary Berkeley Research Group: News, April 19, 2021
- Amgen v. Sanofi: Who Decides Full Scope Enablement Patently-O - Dennis Crouch, April 19, 2021
- What is Contract Lifecycle Management? Agiloft Blog, April 19, 2021
- Lean into Technology: The Best Way to Manage Soaring M&A Datasite (Merrill Corporation): Press Releases, April 19, 2021
- How to Proactively Prepare For Public Fiscal Year End Cobblestone Software (Exari): Blog, April 19, 2021
- Patently-O Bits and Bytes by Juvan Bonni Patently-O - Dennis Crouch, April 19, 2021
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In the News
- Factor Investing Held in High-Volatility/-Concentration Period MSCI Riskmetrics Blog, April 23, 2021
- Innovating the virtual medical conference ELM Solutions: Expert Insights, April 20, 2021
- How will HCP media consumption evolve in a post-COVID-19 world? ELM Solutions: Expert Insights, April 20, 2021
- Guardian Pharmacy of Minnesota finds USP compliance success with Simplifi 797 ELM Solutions: Expert Insights, April 20, 2021
- Finsit enables good conversations with "clients who want to understand their finances" ELM Solutions: Expert Insights, April 20, 2021
- Bank loses $100,000 due to failure to file timely continuation statement ELM Solutions: Expert Insights, April 20, 2021
- 5 measures-to-make-your-work-environment-safer ELM Solutions: Expert Insights, April 20, 2021
- The law applicable to contractual obligations ELM Solutions: Expert Insights, April 20, 2021
- 5 factors every legal department should consider before investing in AI ELM Solutions: Expert Insights, April 20, 2021
- LegalVIEW Insights webinar: 2020 - A pause in corporate legal department supplier relationships ELM Solutions: Expert Insights, April 20, 2021
- covid-19 legislature eases insolvency law ELM Solutions: Expert Insights, April 20, 2021
- A new guide to making change happen within your corporate legal department ELM Solutions: Expert Insights, April 20, 2021
- Expectations for the legal industry moving forward ELM Solutions: Expert Insights, April 19, 2021
- Some ESG Funds Are Not Like the Others MSCI Riskmetrics Blog, April 19, 2021
- Improving healthcare outcomes using staff report cards and dashboards ELM Solutions: Expert Insights, April 19, 2021
- Individual Retirement Accounts: Contribution reporting – IRS Form 5498 ELM Solutions: Expert Insights, April 19, 2021
- eBook: Make Change Happen ELM Solutions: Expert Insights, April 19, 2021
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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. |
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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