The 2024 Legisway Benchmark Study illuminates the changing difficulties and prospects that corporate legal departments are encountering. It indicates that teams are grappling with growing workloads and intricate compliance requirements, with only 20% progressing in addressing these issues. However, digital transformation is proving crucial, as organisations that integrate technology are experiencing enhancements in efficiency and collaboration.
Key discoveries include:
1. Digital Transformation: It is now essential, with 59% of departments having a technology budget, yet 30% still lack structured investment plans.
2. AI Adoption: Forty per cent of departments use AI for tasks such as document analysis, although challenges persist due to budget and ethical considerations.
3. Performance Pressure: Legal teams face heightened expectations to demonstrate value, with 40% planning improvements.
4. Collaboration: Cross-departmental cooperation enhances outcomes, predominantly through the use of Contract Lifecycle Management (CLM) software.
5. Risk Management: Data and analytics are vital for proactive risk mitigation.
The report underscores that legal departments that embrace technology and innovation will be better prepared to succeed.
Source: Lexology
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