Legaltech 2020: New and exciting tech, old problems and concerns

At the start of February, Agiloft made the trip out to the biggest legal technology event of the year, Legaltech 2020 in New York City. All those who attended had a great time hearing from those in the legal community and the unique challenges they face while having to adhere to strict standards and guidelines. As always, compliance and risk mitigation are of paramount concern regarding contracts, yet those concerns have (understandably) inhibited legal professionals from really digging in to all the technological solutions the world has to offer. As a result, there were three pain points consistently described about their CLM systems or lack thereof.

Difficulty collaborating

A wide variety of legal professionals attended Legaltech, from in house legal department lawyers to IT managers at law firms, to procurement officers. All of them want a contract management system that allows for easy collaboration between departments without sacrificing compliance and risk mitigation. Contracts rarely involve only one department, and difficulty collaborating also frequently means a lack of collaboration.

No single source of truth

Without a tightly regimented and designed system, contracts are doomed to be spread across various platforms such as SharePoint and Excel or even in various filing cabinets. Everyone has a different preferred method which is why it’s so important to involve different departments when implementing a new contract management system. With so many potential areas for risk, consolidation is the obvious answer, but “how” is the question.

Artificial Intelligence seems too good to be true

Artificial Intelligence is undoubtedly an exciting frontier in business technology, but it’s also undoubtedly sitting in the trough of disillusionment, and everybody knows it. AI has been thrown around so much by companies hoping to stay on trend, it can be difficult to determine;

    A) What is genuine AI technology and

    B) How can it be feasibly be used in legal operations?

Beyond that, there are several other barriers to AI adoption, but as with any new technology, the status quo is more comfortable to maintain then the challenge of something new.

Keeping track of contracts, promoting collaboration, and incorporating new tech doesn’t have to be so hard. There’s no need to run the risk of seeming unorganized and unprepared to a client, due to a lack of technological assistance. Whether your legal team is looking to update an old paper-based system, an outdated and siloed contract repository, or bring artificial intelligence into your contract management, Agiloft can help.

To learn more about how Agiloft is using AI to reduce risk in legal operations, sign up for our 2020 February release webinar.

Click here to schedule a demo to see how our flexible and scalable platform can empower your legal operations.