8 Trends Driving Legal Ops Transformation
In a world where changes in legal operations are constant, the technologies that companies own need to have flexibility to evolve with and drive transformation at scale.
At the same time, Legal Ops must fulfill a basic operational need to succeed in a complex space that is characterized by continuously changing protocols, policies and regulations.
What are the key trends driving the rise of Legal Ops and transformation of the legal function within organizations?
1 Legal as a Business Function
More firms and corporations are understanding the importance of Legal Ops as a core organizational capability. Operational maturity focuses on:- Business integration
- Standardizing processes
- Predicting outcomes
2 Evolving Solution Models
“One-Size Solutions” DO NOT fit all. Product strategies need to be designed based on business needs and be adaptable to changes in expectations.
3 Maturing Operational Disciplines
As the focus on operational excellence matures, Legal Ops is available to develop the discipline and mature it as a primary position. Business integration drives breadth of Legal Ops
4 Decision Support Analytics
There’s more pressure to make data-driven decisions that increasingly include analytics. The effects of big data and machine learning are creating additional possibilities for the role and ability to make decisions based on tracked metrics and KPIs.
5 New Technologies
Many new technologies and approaches now support and inform Legal Ops, including:
- Workflow Automation
- Mobility Cloud
- Collaboration Software
- Big Data
- Security
6 Global Invoicing
Billing and invoicing standards across the world vary greatly. Modern corporations can’t escape doing business in different countries and the complexities they introduce. Your spend management system needs to be flexible and adaptable, so it can follow standards not only in the US, but in every market where the corporation operates.
7 Rebalancing of Resources and Shared Sourcing
Legal services continue to expand and so does the pressure on Legal to increase cross-functional collaboration and lend best practices and strategy to all parts of the business. Working together to achieve similar goals often means there are shared resources to ensure the job is done well.
8 Optimizing Business Practices
Companies will spend more to improve their engagement and collaboration with outside counsel in an attempt to drive more success with legal spend while controlling extraneous costs.
