Summize has launched the Legal Disrupters Report 2023, which shares the results of over 100 in-house legal professionals to understand their views on the current challenges and attitudes around digital transformation, workload, technology, and contract lifecycle management (CLM).
The report revealed that 81% of legal professionals agree that basic tasks (such as standard contract reviews) dominate their department’s daily workload, leaving no time for high-value, strategic work.
It also found that almost three-quarters (74%) of legal professionals agree that legal teams are behind other departments (such as sales, finance, and marketing) in digital transformation and technology investment. On top of this, the results showed that 63% of legal professionals say their most significant pain point around contracts is not having them stored in one place or being unable to locate them easily.
More positively, 84% of legal professionals believe their businesses should invest more in legal technology this year for productivity and efficiency gains. This statistic indicates the growing recognition of legal technology’s benefits. As the legal industry evolves, legal professionals are beginning to realise the importance of embracing technology to optimise their workflows, reduce manual work, and improve their ability to deliver value to the overall business.
When asked about what they believed to be the benefits of adopting a CLM solution, the results were as follows:
- Increased efficiency – 93%
- Faster contract turnaround time – 77%
- Reduced risk exposure in contracts – 53%
- Reduced outside counsel spend – 26%
- Reduced contract value leakage – 26%
- Reduced error rate – 24%
Tom Dunlop, CEO and Co-Founder of Summize said “From contract management to risk mitigation, legal teams face many challenges that require innovative solutions. As the scope of the legal department continues to widen, it is essential to have the right tools and resources in place to meet these challenges. In this dynamic environment, adapting and responding quickly is critical to success.
“Overall, our report has found that in-house legal professionals are becoming increasingly aware of the potential benefits of legal technology. They are willing to invest in legal tech to drive productivity and gain better efficiency, as well as break away from more traditional methods and empower themselves to become legal disrupters. Legal departments that fail to adopt legal technology may be left behind in this increasingly competitive industry.”
The Legal Disrupters Report 2023 – Inside the In-House Legal Department: Challenges and Opportunities is now available to download here: https://www.summize.com/resources/legal-disrupters-report.
