Efficiency drive shapes legal tech priorities in UK financial services

When AI supports full litigation document review, reviews, and due diligence, the vast majority of institutions rely on legal service providers to provide the technology required for each project. However, some have invested in e-discovery software to help identify evidence, and fewer have even looked into AI contracts review themselves.

Some institutions hope that AI will be used soon to help review business-as-usual contracts as part of the contract negotiation lifecycle and allow greater self-sufficiency for trade and procurement teams. However, in-house teams continue to see significant value in tools to support their operational and cost efficiency, such as: B. e-billing, instruction portals, workflow and case management as well as online Q&A tools for the company.

This focus is in line with the pressures internal teams face to cut costs and the associated search for greater efficiency. Legal technology can play an important role in this regard.

The analytical potential of AI is still being recognized, but extracting insights from AI depends on the quality of the underlying data, and many see the need to develop existing data strategies to take full advantage of the technology.

We found that while legal teams are helping institutions in their quest to digitize services and use data to better serve customers, most are still not exploring how to use data to improve their own performance or metrics for Legal suppliers evaluate performance. While some use data from workflow and e-billing systems, even the most advanced can see how much remains to be done to develop data strategies that deliver actionable improvements.

Barriers to Adoption

In addition to data, there are other barriers to legal technology adoption.

Many of the issues identified two years ago are no longer as important today as teams develop strategic visions for using technology, which means it’s easier to get the entire team on board. This was supported by better support from technology providers for training.

Lawyers also have better technical skills than before, especially when internal teams go to great lengths to provide training on the subject, even when many still lack confidence.

However, maintaining the budget and demonstrating the return on investment remain a challenge, in some cases increasing as cost pressures mount. There is a recognition that a well-articulated, strategy-driven business case can be well received, especially when the right technology can help generate management intelligence to address legal issues and other inefficiencies, and ultimately to help internal teams meet the growing demands to deal with their time.

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