It may be a slight exaggeration to claim e-Discovery could ever really be easy. The tremendous amount of information created and stored electronically makes complying with rules of discovery in civil litigation a challenge. And that is never easy. But avoiding court sanctions and penalties for non-compliance — not to mention the staggering cost of collecting and reviewing the data — is the goal of any legal team, and with the right technology tools, managing the e-Discovery process is as easy as it can be.
Compliance is expensive and time consuming—keep abreast of regulations can be a full-time job in and of itself, let alone ensuring your company is in compliance. Can automated systems keep your firm in compliance? Absolutely. Whether you work in a highly regulated industry or simply want to ensure your team is using the most up-to-date and legally solid contracts, automated tools can eliminate errors and breaches.
Manage and Capture Your Unstructured Data!
In 2012, IDC conducted research on the digital universe in 2020. Based on the outcomes of that research, IDC estimates the world’s information is doubling every two years. By 2020, the world will generate 40 exabytes of data, a 40-fold increase from 2010! However, almost all of the current (approx. 90%) data is considered unstructured.
There is a trend we’ve seen building over the last few years, and we think it’s one whose time has come. It’s the rise of operations within in-house legal departments. It’s an understanding that applying sound business practices to legal operations not only increases efficiency, it helps the company’s bottom line.
If you have some concerns about your business’ contracting practices, you are not alone. Huron Consulting Group, conducted a survey with legal technology professionals, and more than half (57%) of the respondents said they are concerned about their company’s contract management procedures.
As a business leader, you know you can’t control every aspect of your business. That’s why you hire good people. However, there are some things you should be able to control, and your contracts should be at the top of that list. So often, though, drafting contracts quickly spirals out of control—the process become unwieldy and it’s impossible to follow all the changes and revisions to the content.