Data is becoming a key competitive advantage for many of our clients. While smaller and nimbler challengers are able to react quickly to changing market conditions, larger companies are beginning to leverage the structural advantage they have from owning enormous and largely proprietary contractual data sets.
Contractual data outlines all the key institutional relationships between customers, suppliers, shareholders, employees and more. It includes audit data embedded within it – invaluable for compliance teams responsible for managing and reducing individual and institutional risk. For large organisations, this presents unprecedented opportunity. Unlocking data from legal documents is growing to be a key priority, accelerated by the pandemic, the move to digital and the need to make strategic business decisions quickly in a rapidly changing environment.
However, accessing legal data continues to be a difficult challenge to solve. Technology solutions, like CreateiQ, can be transformative, by giving users legal, management and audit data in real-time and in both human and machine-readable formats for them to manipulate and gather real intelligence from.
Looking ahead to next year, there should be a greater focus on standardisation and automation. This builds the foundation of clean data on which technology can be deployed, transforming legal contracts into true business intelligence.
Shilpa Bhandarkar, CEO of CreateiQ
We believe that in order to be ahead of our game and deliver a fantastic client service, we need to be leading the legal industry into the most disruptive, ingenious and challenging period of technological change.
Over the last 18 months, we have seen the pandemic create new needs and challenges, pushing organisations to explore technological options to meet the shift in working patterns and reduce costs and enhance efficiencies, while staying head of the curve.
As part of our long-term strategic Innovation & Efficiency programme, we have established a unique LegalTech R&D team, namely Emerging LegalTech (ELT). Inspired by the biggest and greatest innovative, technological and consulting corporations of our age, ELT is using R&D, applied research and strategic thinking principals to identify potential technological gaps within the business. We will explore pioneering legal technologies in the market, conduct simulation pilots, enhance collaboration and feedback cycles, as well as provide practical insights into the future of legal services.
We foresee that four main drivers will shape the future of legal technologies: enhanced client experience, technology ubiquity, advanced AI capabilities and a knowledge management revolution. Looking ahead, we plan to invest more in our LegalTech experimentation offering to actively engage with these drivers, explore and scope new technologies, embed them in the practice and ultimately enhance our clients’ experience and engagement with us.
Renan Tsoran, Emerging LegalTech Lead