Challenges Facing the Corporate Legal Department
The unique requirements of the Corporate Legal Department are typically different than those of the enterprise that they support. The Enterprise relies upon their legal team to provide strategic legal and regulatory oversight & advice for the organization. The need for those professional services continues grow by leaps and bounds as compliance issues govern many of these processes. The CLD needs to implement focused legal technology solutions that will support their unique legal requirements, simplify the processes, reduce the man-power required to accomplish those goals while ensuring that legal, compliance and regulatory mandates are properly addressed. The corporate legal team is usually tasked with addressing two primary processes: Regulatory & Operational. Regulatory through managing risk and complying with new regulations and Operationally to improve efficiency and enable better experiences for the corporation.
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The need to address the area of regulatory compliance is critical. Would your organization be able to produce all electronic records, if required? The increasing need to focus on solutions to address compliance concerns comes at the same time that Corporate Legal Departments are under increasing pressure to cut their spend on external counsel and internal spend, even while confronted with increasing regulation, litigation and content.
A common theme for Corporate Legal Departments is that they often do not have the technology tools at their disposal to streamline the various tasks and projects that they are expected to spearhead. They have the same needs as that of a law firm yet their Enterprise IT Department is often times at a loss to understand their truly unique requirements. As is often the case, the Corporate Legal Department is viewed as a Cost Center rather than being recognized as "the Keeper of the Castle" whose goal is to protect the overarching business enterprise This typically translates to a situation where the Corporate Legal Department is operating without the appropriate technology tools that they need to accomplish their daily tasks.
