The Case for Transformation


The legal services industry is undergoing a period of significant change. As with most traditionally structured industries, the pressure to modernize and digitize is weighed against the precedent of an established business model.

In the coming years, the success of individual law firms depends on their ability to invest in the tools and processes that can help them develop better client engagements, improve service offerings, and better align the firm with client needs to meet and exceed expectations.

To effectively market services, become more client-centric, and remain secure and compliant, firms need to prioritize higher legal transformation investments in the following areas:

  • User-Friendly Customer Dashboards

  • e-filing

  • Automated AI Technologies

  • Robotic Process Automation

  • New Age Security Technologies

Case-for-Transformation

Driving Effective Legal Transformation


If your law firm’s digital strategy is not being executed with the client in mind, your firm risks losing prospects to a digitally savvy competitor. Before launching legal transformation initiatives, it is crucial to baseline your current digital and analytics capabilities across:

  • Cloud Adoption

  • Digitalization of Documents

  • Automated Search Tools

  • Legal Data Lakes

  • Security Management

  • Legal Analytics IP

  • Advanced Data Analytics Technologies

  • Compliance Monitoring Analytics

  • Contract Lifecycle Management (CLM)

  • Big Data Analytics


The Most Successful Digital Transformations Are Powered by Analytics Capabilities


Our benchmarking services are powered by over 1.5 million data points in addition to our primary research and data collection capabilities. With access to leaders across more than 40,000 companies in various size segments, industries, and geographic locations, we can quickly gather additional data to address how your business is performing against the competition.

A graph showing which industries are investing the most in digitalization.

Source: Trasers


Legal Benchmarking to Gain a Competitive Advantage


For the specific initiatives being considered, determine the transformation model and the right strategy to attract new clients. Legal benchmarking can help you gain clarity on the gap between you and the competition.

To realize your strategic goals, develop your strategy with a trusted partner using tailored workshops and rapid, iterative sessions to execute transformation blueprints, roadmaps, business cases, and ROI analyses to transition quickly into action.

At Trianz, our clients can leverage the Trasers legal database to see where the competition stands in terms of digital transformation definitions, status, visions, strategies, technology investments, SW platforms, leadership, and organizational change. Within legal services, our data spans the following:

Our Legal Digital Transformation Data

LEGAL

Source:Trasers

In addition to this large and growing database, Trasers has access to leaders across thousands of companies from various industries, size segments, and geographies worldwide. We use data for custom legal research to help answer company and industry-specific questions such as:

  • What is our firm trying to accomplish?

  • What is our strategic plan and timeline?

  • What technology solutions do we need to meet client and firm expectations?

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Our Technology Transformation Practices:


We help bring our clients’ digital visions to life by providing end-to-end tech capabilities through our technology transformation practices.

Cloud
Data Ecosystem Mapping

Migrations & Operations

Design, build, migrate and support clients cloud initiatives across data, applications, and infrastructure

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Analytics
Data Ecosystem Mapping

Analytics & AI

Acquire, integrate, store, and process data in the eco-system. Deliver easy to understand predictive and prescriptive insights

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Digital
Data Ecosystem Mapping

Experience & Modernization

Conceptualize, design, and deliver full stack, cloud-native applications; and modernize legacy applications

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Security
Data Ecosystem Mapping

Securing the Enterprise

Ensure a safe and secure digital enterprise using an AI and automation-based security infrastructure

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Automation and AI in Legal Services Transformation


Once the legal process transformation foundation is laid, it is crucial to target specific use cases in automation. An effective AI foundation can enhance productivity, mitigate risks, and save hours of research work. However, it is important first to understand how automation and AI can handle various use cases. Here are a few use cases for how AI and automation can help legal services improve workplace efficiency:

Compliance-Management

Compliance Management

AI solutions can provide data to establish a stronger culture of compliance. Sophisticated algorithms help spot inappropriate conduct and malfeasance by employees and third parties, resulting in mitigating any compliance issues.

Audits-and-Reporting

Audits and Reporting

Developing AI-based contract audits helps to review the applicable contract provisions and if edits need to be made to such provisions. AI tools analyze and provide the provisions to be considered, suggest required edits, and provide suitable substitute provisions.

Litigation-Management

Litigation Management

AI-powered document discovery tools and machine learning algorithms can document millions of existing legal briefs, contract documents, case files, enforced terms and policy lists, client details, and IP assets. This eases file discovery and improves the legal team’s productivity.

Legal-Research

Legal Research

E-discovery software helps junior lawyers review and categorize a large number of documents. Newcomers, including the ones using IBM Watson, are also aiding eDiscovery by answering the questions in plain English. These tools are helping predict how the courts deal with new cases with more than 90% accuracy.

Risk-and-Crisis-Management

Risk and Crisis Management

Technology-assisted due diligence tools use AI for document classification and identify common due diligence issues like assignment, change of control, termination, and more. They extract applicable clauses, enabling lawyers to easily review enormous amounts of documents in a brief period of time.

IP-Management

IP Management

AI docketing can support filing applications, budgeting, invention disclosures, deadlines, portfolio, and valuing IP. It also supports customizing the systems as per client-specific requirements.

Contracts-and-Vendor-Management

Contracts and Vendor Management

AI engines can quickly answer the question “Can I sign this?” — thus shortening contract turnaround time and reducing legal holdups. AI spots legal issues and provides relevant information on contract terms. This saves a lot of time for lawyers as they can now focus on the appropriate segments of each contract.

Importance of New Age Security Technologies for Legal Services


Legal leaders recognize that attackers do not target one company anymore but automate and attack simultaneously using patterns. To protect confidential client and company information, security automation is the logical way to scale defenses. Here are a few new age technologies all firms should consider implementing in their two-year security plan:

Self-Defending-Networks

Self-Defending Networks

Self-defending networks, and the technology that enables them, are in their infancy. However, significant building blocks are available today, such as advanced learning protocols (802.1X), host-based IDS/IPS, endpoint firewalls, and new and advanced antivirus software.

Machine-Learning-and-Data-Aggregation

Machine Learning and Data Aggregation

Log aggregation was a panacea five years ago. The outcome of the aggregation effort was pools of data that security experts could not decipher without extensive manual efforts. With ML, logs are reviewed, actions are decided, and execution is initiated in milliseconds.

Application-Level-Defense

Application-Level Defense

Firms have spent a great deal of money securing their network perimeters. This is evident by the sheer number of firewalls out there. Unfortunately, threat actors now bypass perimeter defenses and target the application layer. By exploiting application vulnerabilities, attackers are gaining access to confidential information, even going as far as holding ransoms for information on high-profile cases.

Anomaly-Detection-Software

Anomaly Detection Software

Anomalistic patterns are the target of this software. It uses scanning to detect derivations from the program’s normal profile behavioral patterns. If the program meets certain negative criteria, it will be flagged as suspicious. This type of threat is difficult to detect without anomaly detection software as several systems are involved.

Only 7% of Companies Are Delivering on Their Transformational Initiatives


Our research has shown that 30% of companies will fail to survive this decade due to an inability to evolve digitally. To address this negative trend, we have developed the Digital Enterprise Evolution Model™ (DEEM).

Digital Enterprise Evolution Model™

An image showing the stages of analytics capability evolution.

Copyright © 2022 Trianz

DEEM allows our clients to recognize digital evolution patterns, implement benchmarking and prioritization strategies, and initiate application management protocols to satisfy stakeholder and market requirements.


Training and Change Management Are Essential

Training and management, regardless of the scale of transformation, is the single biggest determinant of success. 75% of industry leaders and 46% of competitively superior companies report high technology training for their corporate lawyers. In comparison, almost 40% of laggards report either low or no formal training provided.

It is essential that organizations spend at least 1-3% of the overall costs of the initiative on formal, role-based training. By doing so, it becomes clear that teams are prioritizing training as a core responsibility of the initiative. In effect, this will drastically reduce end-user resistance to new technology, ultimately resulting in a smoother transition and greater adoption across practices.

Transformations are never straightforward or easy to implement. Legal leaders must monitor employee performance on the new capabilities and capture learning systems to prepare for the next digital change. Keep in mind, leaders should take into account employee feedback on new implementations. Giving colleagues a chance to provide input can go a long way toward helping them feel like they are part of the transformation and not just recipients of a new initiative.

Experience the Trianz Difference

Trianz enables digital transformations through effective strategies and excellence in execution. Collaborating with business and technology leaders, we help formulate and execute operational strategies to achieve intended business outcomes by bringing the best of consulting, technology experiences and execution models.

Powered by knowledge, research, and perspectives, we enable clients to transform their business ecosystems and achieve superior performance by leveraging infrastructure, cloud, analytics, digital and security paradigms. Reach out to get in touch or learn more.

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