5 Keys to Digital Transformation in Legal
5 Keys to Digital Transformation in Legal
Digital transformation in legal requires a significant paradigm shift. General counsel, in-house legal departments, and contract teams are not immune to the need for digital transformation, which only continues to take hold of all aspects of both consumer and corporate life.While it’s clearly time to embrace the change, this is easier said than done. Below, I’ll share five key considerations businesses should keep in mind in order to make the transition into digital transformation more seamless and successful. 1. Choose Out-of-the-Box TechnologyIt’s important to avoid the temptation to reinvent the wheel. When thinking about digital transformation in legal, too many people are immediately drawn to the idea of custom-coded projects. Whether it’s a legal artificial intelligence system or a specialized application, customization invariably delays projects, adds costs, and even increases the risk of failure.Upon choosing a legal technology product, it’s advantageous to select a solution that works out-of-the-box (OOTB). It’s more beneficial to learn the capabilities of an OOTB digital system, and then configure and adapt it to your own business needs. In many cases, businesses discover that the initial inclination to customize was simply not required. Most of the time, an OOTB digital product provides for all user needs without incurring additional costs, deployment time, and headaches. 2. Work Toward Incremental ChangeChange management is not always easy. Digital technologies can bring a significant improvement in cost effectiveness to many traditional functions, but changes should be made progressively. This allows for lessons to be learned along the way, as well as time for company culture to adapt. It’s essential for digital transformation to occur with a sound strategy and step-by-step approach that doesn't leave employees behind. In fact, employees are the most important aspect of ensuring the change takes root. In this light, adjusting corporate culture is among the greatest challenges, but can be achieved with internal champions.3. Identify Internal ChampionsDigital transformation can gain momentum in an organization through user adoption. True of any initiative, such as bringing on new legal services, machine learning analytics, or new contract management technology, an industry best practice is to appoint user or product champions.
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About Sarvarth Misra
Sarvarth Misra has extensive experience in the legal technology and legal services sector. He is the co-founder and CEO of ContractPodAi and has led the conceptualization, design and development of ContractPodAi and E:V (the world’s first end-to-end artificially intelligent contract analyst). Sarvarth is a corporate and commercial lawyer by background; he worked in private practice with leading law firms in Asia with a focus on M&A, capital markets, and corporate restructuring transactions alongside cross border joint venture agreements in the insurance, information technology and financial sectors. During his time practicing law, he was often called upon by clients to advise on complex regulatory issues, foreign investments, and taxation matters. Among other publications and conferences, Sarvarth has written for Artificial Lawyer and Above the Law and spoken at dLaw Summit.