How the practice of corporate law is changing (Part 2)
In a recent blog I wrote about 3 ways the practice of corporate law is changing. Those considered were models for business, legal technology, and new roles within legal practices. There is another way legal practice is changing and that is by the more frequent use of LPOs (legal process outsourcing services or legal outsourcing providers).
Some of the services provided by LPOs and used by both legal firms and organizations with a legal team include:
- Assessment for need and implementation of legal technology - The legal industry is making slow progress towards adopting more advanced technologies than other industries. A recent article in the Atlantic by writer and lawyer Leigh McMullan Abramson entitled Why Are So Many Law Firms Trapped in 1995 considers this phenomenon. It considers that that lawyers are a risk averse bunch and perhaps this is one reason why the adoption of new technologies has been so slow. But perhaps also, another reason for the slow adoption is a tendency for lawyers to not be exceptionally tech savvy? Both these points are reasons for why an LPO may be better equipped to assess your firm’s technological needs than someone inhouse. Using the correct technology can make your entire law firm or legal practice within an organization much more time and cost efficient.
- Those for litigation including document review and discovery (including eDiscovery) - As many a lawyer can attest, some of the most time-consuming and unpleasant activities in litigation or investigations are conducting the review of materials available to build your case and identifying and/or correctly privileging materials to be disclosed to other parties as part of the discovery process. There are many technologies that can assist with and automate a lot of this work. LPOs can help to find the appropriate technology for your firm for greater efficiency and less pain. They can also provide you with document reviewers who may be able to perform the parts of the review that cannot be done with technology at more cost-efficient rates than employees in your organization or firm.
- Patent and licensing assistance - As put by Pillsbury Law , “this includes everything from routine maintenance and and management of their existing copyright and trademark portfolios to preparing and filing new patent applications and handling adversarial proceedings, including IP litigation.” Using an LPO for your patent and licensing requirements may be the right choice for your firm or company if its primary strategic focus is elsewhere.
- Addressing issues concerning cybersecurity - Cybersecurity is becoming more relevant and important every day. LPOs can find and implement the right tools you need to effectively monitor cybersecurity risk and should an incident occur, provide teams to investigate and improve your infrastructure to reduce the risk of further breaches.
- Full service contracting solutions - Everything from finding the right solutions for mining data from past contracts so that you can leverage this in your modern contract drafting to setting up the tools for easy document automation, collaboration, negotiation, singing and seamless execution of your contracts. Some LPOs can even provide you with services to help optimize your contract negotiations for all situations, comparing your contractual terms with those of standard contracts that have been proven to perform well and cause the least friction. They can also provide you with the technology to allow your contract content and process to be continually improved by leveraging the data of all your ongoing and past negotiations to improve future decision making.
We would love to hear some of your thoughts about Legal Process Outsourcing. Has your firm engaged LPOs before? What was the experience like?
UnitedLex is an example of one leading legal outsourcing provider that works in partnership with ContractRoom to provide a full service contracting and support service. To find out more about how you can leverage ContractRoom’s online negotiation and contract management software and its partnerships, please go to www.contractroom.com and schedule a demo here today: