There has been a lot of buzz around legal technology for several years now, so much so that some refer to it as “tech washing”. Most customers, however, are not interested in any particular product but in performance and outcomes. As markets are becoming more fragmented and ecosystemic, increasing the number of potential partners, industries, deal types and countries, most speakers taking the floor emphasised the increased need for adaptable and proactive legal professionals capable of making good use of the tools on tap – and there is an abundance of them.
Standford Law School’s CodeX Techindex currently lists more than 1,800 companies purporting to change the way legal is done. And yet a technological solution alone can only do so much. Businesses try to maximise growth opportunities and digitise their business models whilst, at the same time, there is pressure to control costs and an increased focus on risk management. The strategic response is to drive transformation, but how?