Insights and offers from our Theorem network.
In these unprecedented times we are experiencing first-hand how our legal community will come together to tackle the changing environment.
At Theorem, we connect with legal innovators regularly about collaborating to build the future. In recent conversations, we thought about how we might help members of our platform share their story and offer resources to assist those disrupted by recent events.
In the true spirit of collaboration and innovation, we are excited to bring you these collective insights, directly from these legal tech leaders, on the future of legal services, referencing technology that your firm can leverage from anywhere.
The responses and offers below focus on a number of key areas — together they may serve as part of your core technology stack for the future:
Legal Research (Wolters Kluwer) | Business Continuity & Transaction Management (Dealcloser)| Contract Analytics & Risk extraction (ThoughtTrace) | Focus on Efficiency in Contract Drafting (Lawgood) | Connectivity (Corvum) | Cloud Security & Vendor Risk Assessment (Prevalent) | Collaboration and Integration (Theorem)
Legal Research & Resources
“Are You Future Ready?”
Ken Crutchfield, Vice President & General Manager of Legal Markets —
Wolters Kluwer Legal & Regulatory, US.
COVID-19 has brought unprecedented change to countless industries — and for professionals within the legal industry, some of the changes that they are experiencing may be here to stay.
Before the crisis, the legal sector was already in a state of disruption driven by economic demographic, regulatory, technological and competitive demands. The crisis — which has amplified those changes already underway — has shown that not everyone in the legal industry was prepared for the shift that we are experiencing.
In the midst of the crisis, in addition to making key COVID resources freely available, Wolters Kluwer took action to help legal professionals make the shift to remote work, providing access and training to those who needed to learn to use digital research tools quickly. Wolters Kluwer also recently conducted an independent survey — the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers — to help legal professionals assess their future readiness and resilience as the legal sector continues to transform.
With insights from 700 legal professionals across the U.S. and nine European countries, the survey examines ongoing trends in the legal sector and how well-prepared organizations are for the future.
Some of the study’s findings confirm that technology is playing an active role in performance and profitability for legal professionals: 62% of organizations that have already adopted tech solutions report that their profitability increased over the prior year, compared to 39% of organizations that are transitioning to tech and 17% for those who are lagging behind in tech adoption. The study also found that more corporate legal departments are expecting the law firms they hire to take advantage of technology. By 2022, 81% of corporate legal departments will require prospective law firms to describe their technology use to be more productive and efficient — almost double the rate of the 41% of corporate legal departments asking this today.
As the legal industry moves forward, it will become increasingly important for lawyers to understand the transformation our industry is undergoing, the factors driving that transformation, and how they can best prepare for the new normal. The findings of the Future Ready Lawyer survey provide critical guidance for legal professionals to not only survive through the change we are seeing now, but also to thrive in the new legal landscape.
Free Resource Links:
Business Continuity
“Business Continuity is Preparing for Reality”
Amir Reshef, CEO of dealcloser
Commerce as we know, may never be the same again. We’re in the middle of a pandemic and failure to adapt to the new normal will be detrimental to law firms. It’s not practical to go into the office to access files, meet clients face-to-face, or get in-person signatures. So what do firms need to do in order to swim, rather than sink? Move to the cloud.
With dealcloser, everything is digital — allowing lawyers to check up on deals on the go, while giving clients the flexibility to review and sign documents any time, any place. The remote worker and future at-home lawyer can now access deals, receive digital signatures, create closing books and more — all from the dealcloser app. The future of law is paper-free, extremely secure and extraordinarily efficient. Technology can ensure firms are able to operate their business no matter the circumstances, even after the pandemic ends.
During these times, dealcloser is offering an extended 30-day trial, to help with new realities and necessities of cloud storage.
Risk Mitigation
“You Simply Cannot Mitigate Business Risk Without True Contract Intelligence.”
Nick Vandivere, CEO of ThoughtTrace
People and businesses around the world must lean on legal experts to help them navigate the COVID-19 crisis, but the drastic impact of this pandemic requires extremely fast response. There is no time for contract inefficiencies. Firms must deliver guidance before client losses continue to compound, but they can’t sacrifice precision for speed of analysis. By leveraging contract analysis technology, there is no need to choose between providing the best answer and a fast one. The urgency for innovation is unprecedented.
ThoughtTrace is a cloud-based, AI-driven contract analysis software that can find critical data, obligations, and considerations across hundreds or even thousands of documents in minutes. ThoughtTrace delivers the contracts containing the information that matters, allowing lawyers to spend more time in risk assessment, providing counsel and shaping legal strategies, rather than document review. Consider it an extremely fast, thorough, and technologically advanced assistant that can help you mitigate risk for your client, and identify high-value landmines and opportunities they didn’t even know existed.
ThoughtTrace is offering a free virtual test drive of their AI Contract Intelligence platform to Theorem Law Firms and Legal Department customers. Email solutions@thoughttrace.com for more information.
ThoughtTrace technology is trained by attorneys and industry experts to work on day one, so this is a results-driven trial with success-based outcomes at no cost, and zero obligation.
You can bring innovation to your firm now by signing up at www.findcontractrisk.com
Focus on efficiency: Draft contracts fast & easy.
“Efficiency Isn’t the Enemy, It’s the Future”
Liam Moriarty, CEO of Lawgood
The COVID-19 pandemic is already changing how lawyers have to work. Lawyers are being pushed by clients to provide the same high-quality work in shorter turnaround times and for lower or flat rate fees. But increasing efficiency is not easy to do. Most lawyers don’t have easy access to practice or knowledge resources, as they are geared for enterprises.
At Lawgood, we make it faster, easier, and more efficient for lawyers to draft tailored contracts from scratch, without expensive practice resources, precedent libraries, or tedious research. With our Contract Workbench, lawyers can easily modify clause language, tap into crowdsourced market positions, and draft their clients’ contracts in minutes.
We want to be a resource for every lawyer that needs us right now. So, we’re providing Lawgood’s Contract Workbench for no cost during the pandemic.
Connectivity
“It’s About Flexibility and Connectivity”
Graham Nelson-Zutter, CEO of CORVUM
Today, in the face of the COVID-19 pandemic, lawyers and the courts must transition online in order to protect our society’s key functions. Tomorrow, this significant retooling will provide increased efficiency, flexibility, and broader access to justice. When making the adjustment to work remotely through adopting new technologies; it is essential to choose the right tools to enable core systems. Including one of the most important tools for every legal professional: their phone system.
It is important to choose service providers who are dedicated to the legal industry. Corvum is the only VoIP phone service provider dedicated to the legal industry. Corvum’s VoIP phone service gives you the flexibility to use your cell phone as a business phone — including voice calls and SMS/texting. The Corvum Legal Suite is your all in one communications solution: our mobile app allows you to handle calls and SMS/text messages on your business number from anywhere, all while keeping your personal number private.
At Corvum, we understand that you need to operate as efficiently and effectively as possible. With over a decade of experience, we understand legal professionals have distinct needs and unique obligations that other service providers don’t understand.
Vendor Risk Management
“Security Concerns Are More Prevalent Than Ever”
Brenda Ferraro, VP Third-Party Risk at Prevalent, Inc.
As law firms and organizations navigate the COVID-19 crisis, they should take critical steps to improve their security posture and third-party security risk governance, says Brenda Ferraro, the former CISO at Meritain Health, an Aetna subsidiary.
Although law firms are considered essential businesses in many states, the majority of lawyers are working from home. Successfully practicing remotely may require using new technologies, such as collaboration tools and business continuity solutions, to remain productive, secure and competitive. Ensuring that vendors meet certain firm and client cyber-security and compliance requirements, which can be a long and costly undertaking, is essential.
Prevalent’s Legal Vendor Network delivers an efficient, scalable third-party risk management platform to satisfy client compliance requirements and reduce risk. With nearly 50% of the top 100 US law firms as members, the Network promotes enhanced vendor security across the legal industry.
Prevalent, Inc., the company that transforms how you manage third-party risk, and Theorem LTS, the leading legal technology marketplace, recently announced a partnership providing law firms and corporate legal teams with immediate access to a comprehensive library of risk-assessed vendors.
You can Read more about our Theorem Partnership HERE and inquire about how to receive a SIGLite assessment as a part of your Theorem vendor subscription HERE.
Integration & Collaboration
“Connection, Retention & Automation are the New Growth Engines.”
Team Theorem, the Platform Advancing Legal Technology.
This "Theorem.Stack" series is just the start as new resources and offers from our platform are coming soon. You want to grow, we want to help.
If you haven’t heard about Our Theorem — Theorem is the legal tech platform that surfaces tools and resources within a user’s workflow. We accomplish this by integrating our marketplace for legal technology with best-in-class workflow and automation software.
For vendors: we put your solution in the hands of users, precisely when they need it, driving not only awareness of their service, but also adoption and increased utilisation and engagement. For more vendor info: read here
For firms: We help firms save time and money in discovering, assessing and buying legal technology, as well as avoid the unnecessary expense associated with subscribing to numerous redundant platforms.
We also help ensure that users at firms leverage platforms to which the relevant firm subscribes, which solves a major pain point given that many subscriptions that firms have are under-utilised.
Visit us @ www.theoremlegal.com
Disclaimer : This article is intended solely for the purpose of providing information of a general nature. Information presented in this article should not be deemed as formal legal advice or as creating an attorney-client relationship, or as an endorsement of a particular product/service. Further, any electronic communications sent through LinkedIn, by this author, should not and will not create an attorney-client relationship.
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