May 23, 2022
Report: 2022 In house Legal Tech Report
The 2022 In-house Legal Technology report was recently released. With almost 500 in-house lawyers and legal professionals, the report provides valuable insights on the current state of legal technology in corporate legal departments and emerging trends businesses have to watch out for.
Key highlights of the report are listed below:
- 90% of legal teams currently have 3 or more software vendors. However, this also causes inefficiencies. Using separate platforms creates a disconnect in performing their tasks.
- 77% of in house teams spend over 1 hour every day jumping among different systems while 39% spend 3 hours or more.
- 85% of US respondents find a consolidated solution a better choice for them.
- 92% recognize that manual day-to-day tasks take a chunk of their time. They believe that this hinders them to work on high level tasks which affect business goals and slower delivery of services.
News BackTrack: Paralegal Frauds Law Firm
Three years have passed since paralegal, Paul Young, stole almost £500,000 ($619,340.00) from a UK-based law firm Berrymans Lace Mawer. He first joined the firm's office in Manchester in 2016 and then “took advantage of flaws” in BLM‘s system for over 3 years he made 116 payments into his personal bank account.
Not until 2019 when his fraud activities were exposed when a line manager discovered £32,000 had been paid out by Aviva in a series of payments but the claimant’s solicitors confirmed that no payments were received.
In 2020, the Solicitors Regulation Authority (SRA) handed the paralegal a section 43 order which bans him from working for law firms.
Event: Legal Leaders USA 2022
Happening this week, Reuters’ annual event Legal Leaders USA will run from May 23, 24, 2022 at New York Marriott at the Brooklyn Bridge. The event promised interactive roundtable workshops, editorial interviews, and a chance to network with leading law firms, and legal tech companies. Legal Industry leaders from top companies will provide insights on a wide array of topics like In house legal departments and their relationship with partner law firms, Diversity, Equity, and Inclusion, the collaboration between the law firm and general counsel, and a lot of time to network with law professionals.