In a law firm or legal department environment, where accuracy is crucial, managing information is vital to daily operations. The role of a records manager, who ensures that policies are set in place and procedures are managed and met, is important to maintaining an organisation’s adeptness whilst ensuring compliance with relevant legislation and regulations. There is a large competitive pressure on organisations to jump on the next legal tech hype, however, without the fundamentals of information management in place, many don’t get to leverage these opportunities.
A fast and effective information management system should always be behind a legal tech initiative, helping law firms and departments make the right business decisions and measure everything that matters.
Artificial intelligence in the legal industry: Adoption and strategy – Part 1
This is the first article in a three part series looking at artificial intelligence’s growing presence in the legal industry. Here, Information Age looks at the state of AI adoption and how it is changing the strategic role of associates. Read here
Information management is no longer just about reducing the risks, but increasingly about helping organisations, through effective records management, rethink the way they manage processes as well as helping them to become more customer-centric. This is particularly important in light of the changing regulations, the growth in information and the tools organisations need to handle this.
The General Data Protection Regulation (GDPR), which came into effect in 2018, acted as an incentive for organisations to pay attention to their data, examining how different departments use and store it. This was an important move, not only because it is necessary for organisations to be aware of what documents they are able to store, but also those which they legally aren’t authorised to.
Despite industry awareness of this, there are still a number of organisations that aren’t implementing these changes. With unexpected regulatory investigations able to pick up on any stored data that should have been deleted, it is not worth the risk. The repercussions on your organisation could be vast; from data breaches to stolen data, organisations will only end up with disappointed customers and an adverse reputation.
Artificial intelligence in the legal industry: AI’s broader role in law – Part 2
This is the second article in a three part series looking at artificial intelligence’s growing presence in the legal industry. Here, Information Age looks at AI’s broader role within the law firm, with specific case studies from Perkins Coie and Hogan Lovells. Read here
Enabling better data-driven decisions is becoming high on the priority list for many organisations, predominantly due to pressures to manage information growth and scale on demand, but data for data’s sake won’t help you. Many organisations think that digitalisation is the answer; however, jumping on any new trends such as AI or machine learning won’t bring the benefits it has the potential to if you haven’t got an information management system in place, as it is this that will offer the structure and strategy needed to successfully implement other technologies.
Information is a critical operational asset for legal firms, so they must get to grips with all the data they hold and where it is stored. After classification and analysis of the data, organisations must enforce and adopt a number of procedures and policies detailing how company and customer data should be formally handled. A records manager will be able to ensure this approach is put into practice and that the entire organisation adheres to it. Furthermore, once a process is agreed upon, it is essential that the roles and duties that organisational personnel are taking on are clearly defined and communicated to them to ensure that the process remains efficient, and behaviour consistent.
Artificial intelligence in the legal industry: The future – Part 3
This is the final article in a three part series looking at artificial intelligence’s growing presence in the legal industry. Here, Information Age looks at how to adopt AI, and the crucial role it will play in the future of law; with insights from Perkins Coie and Hogan Lovells. Read here
A different perspective on technology
Law firms are in the information business and data security plays a large part in this. To mitigate privacy risks, organisations must ensure they have a secure information management system in place. This means taking the broader implications of the technology implemented into consideration; a quick fix is not the solution, although it might work in the short term, you are leaving your future data exposed. Organisations must take into account what technology is a smart investment that will not only help the organisation’s customers to be more efficient and safe, but will also drive business profits forward.
Law firms will always be attracted to the new technology that hits the market, with the hope of jumping ahead of the competition and attracting new clients. However, making sure you have the right processes, technology and people in place before you make this leap is central. This means understanding how to use your data efficiently, smartly, and safely. The term ‘safe’ isn’t limited to preventing organisational data breaches, but also encompasses suppliers, as this process opens up the ability to show current and potential customers that security procedures can be adhered to, giving them the ability to rise above the competition.
Compliance is king, so implementing the right document management system is key to improving law firm agility through better access and use of information. This is what will enable your firm or legal team to enhance efficiencies and manage information, as well as growth and scale on demand.