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Showing posts from November, 2018

5 Key Priorities for your Legal Department

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The Future of your Legal DepartmentLegal departments keen on transitioning from a traditional to a more modern code should keep these priorities in mind to stay competitive with peers. Installing inventive and effective cost control strategies, channeling technology to drive efficiency, making cybersecurity a priority, shaping sturdy legal operation departments, and collaborating with law firms that proactively show value will help your legal department conquer the increasingly complex legal landscape.

LegalEase Solutions is a legal services provider offering corporate legal departments and law firms innovative support with their Contract Lifecycle Management, compliance, document review, legal intelligence, on-demand legal operations, and legal research and writing. Our team can function as an extension to your legal department and ensure that your abilities and resources stay up to date with your needs. If you have a project you need a hand with, feel free to reach out to us at cont…

Canada’s Data Breaches No Longer a Secret

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With Canada’s mandatory breach reporting requirements coming into force as per the updated Personal Information Protection and Electronic Documents Act (PIPEDA) on November 1, 2018, all domestic and foreign organizations subject to the PIPEDA (i.e any organization that collects, uses, or shares the personal information of consumers in Canada) will now have to fulfill three herculean requirements[1]: They will have to report all their data breaches to the Office of the Privacy Commissioner of Canada.They will have to notify individuals affected by such breaches. This applies when the breach causes “risk of significant harm“ such as bodily harm, mutilation, damage to reputation, relationships or property, negative effects on credit identity theft, and loss of professional opportunities.They will need to maintain records of data breaches for up to two years.Vice-President of Compliance for Box, Crispen Maung, says “In addition to being able to demonstrate that they have an effective data…

Prepare for the looming IFRS 16

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Nearly three years ago, the International Accounting Standards Board published a new standard for lease transactions – the IFRS 16 – with the objective to “report information that faithfully represents leases transactions and provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases”. This regulation details the identification, measurement, demonstration, and full disclosure of most leases on the balance sheet to facilitate transparency of reporting[1].

As of January 1, 2019, this regulation will affect all US organizations that use rentals or leases to obtain assets. According to the current provision IFRS 17, organizations needed to present only financial leases, while operational leases could be kept off the books. However, with IFRS 16, there will no longer be any distinction between operating and financial leases. All organizations will have to declare both types of contracts (with the exception of short term …

What’s Stopping Legal Tech?

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By 2016, the US legal services market was worth $437 billion, and more open for business than ever before. A few young, legal tech companies with diverse product offerings were lining up to conquer the industry. Cost cuts over the past decade push corporate legal departments all over the country to opt out of time intensive, labor-based solutions, making legal tech the ticket to success. But why aren’t these fresh legal tech startups faring as well as they had hoped? Baretz+Brunelle decided to find out[1]. They put together the first ever Legal Tech Go-to-Market Report and here are its results.


Corporate legal departments have hundreds of billions of dollars to spend on innovative legal tech support. Legal tech companies need to devise strategies and overcome the maze that is the market now, to get to the finish line and claim their gains. 

References

1Baretz+Brunelle, 2018. Boom or Bust- The 2018 Legal Tech Go-to-Market Report.
https://cdn2.hubspot.net/hubfs/2682789/2018%20Baretz+Brunell…

Legal Process Outsourcing for Corporate Counsel

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Legal Process Outsourcing (LPO) is an emerging trend for corporate counsel, on account of increasing pressure to cut costs. Law firms and corporate legal departments across America are outsourcing more legal tasks by the minute, leading to a boom in legal process outsourcing companies around the world. These companies, which are largely offshore, provide many services to corporate clients such as bookkeeping and billing, contract management and review, data analysis and management, document drafting and production, due diligence, general litigation support services, e-Discovery, Intellectual Property (IP) services, and legal research and transcription.

"Outsourcing converts fixed costs into variable costs, releasing capital for investment."


Outsourcing for the win
The winning quality of outsourcing legal work is the cost-effectiveness that it produces. Signing up with an LPO company cuts costs by offshoring routine administrative works[1]

Outsourcing converts fixed costs into …

Contract Management 101

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Contract management involves reviews, analysis, and other measures adopted to keep track of contracts throughout their life cycle. This process affects both pre-contractual and drafting related matters. While contract drafting is considered to require unique human skills, multinational companies have favored contract management via technology in order to handle a large number of contracts on a daily basis. Though the concept of using technology in contract drafting was introduced in the 1990s, total automation remains a far-fetched concept.

Pre-contractual activities

Pre-contractual activities involve preparation of the case to get approval from management, projection of the scope of the business transaction, and identification of the purpose of the contract for each party. The evaluation of available options and risks must present the possibility of their occurrence and the significance of their impacts. During the negotiation of a pre-contractual agreement, the parties must devise a j…

The Dawn of Blockchain in Law

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Blockchain technology is being aggressively used in fund administration, real estate, banking, and information services. The legal industry has also begun exploring blockchain tech and setting up communities that work on acclimatizing legal to blockchain in order to gain a competitive advantage[1].

Why the love for blockchain?
According to digital strategist Andrew Medal1, “the immutable and transparent nature of the blockchain” is what industry leaders find enticing. According to the co-founder of Ethereum1, a blockchain-based computing platform, blockchain is the most powerful entity that can control any system, and is set to revolutionize the IT strategies of all industries as we know them.

How is legal incorporating blockchain?
Law firms are building their familiarity with this technology to create digitally secure smart contracts[2] and to process transactions. Only with an explicit understanding of this technology can they get clients on board and provide intelligent advice for actu…

3 Steps for Successful e-Discovery

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The IDC predicts that 450 billion emails will be exchanged between businesses by 2020[1]. Plowing through such an explosive amount of data is no cakewalk. Many organizations struggle with identifying the right databases and unearthing desired case information, due to lack of supportive resources and technology. Choosing the right e-Discovery software or service providers can help you successfully navigate voluminous and complex data, and reinforce your practice’s e-Discovery offerings.
1. Needs first.First and foremost, it’s essential to evaluate your organization’s needs. Have an inclusive conversation with all your stakeholders, discuss your company’s past, present, and future, and appropriately decide your e-Discovery strategy[2]. Your end goal may be to reduce litigation spend, to reach a quick settlement, or to protect your IP[3]; to reach that goal faster, you need to have a concrete e-Discovery strategy in place, that is well-communicated with all employees and vendors, so all …

Law Departments are “Going Small”

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A new survey conducted by Globality and The Lawyer Research Service[1] discovered that legal departments of major international companies are three times more dissatisfied with large law firms than with small firms.

The survey “Global Trends in Hiring Outside Counsel” was targeted at international organizations with a minimum annual revenue of $1 billion, and in-house teams of 1-500 members. 300 general counsel and senior lawyers were interviewed about their experiences with large as well as small firms.

GCs (General Counsels) stated that they sourced legal providers from their pre-existing personal and professional networks, as a result of which, they mainly worked with large law firms.



However, it became evident that their dissatisfaction with such large firms (19%) was three times higher than with small ones (6%). They indicated that they were interested in outsourcing legal services to small firms, but found them difficult to locate.



The companies expressed a preference for small leg…

What’s happening in Legal Operations?

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Evolving roles—Segmentation—Knowledge management




There has been a burgeoning focus on legal operations in the corporate world in recent times. Most organizations have created spaces for legal professionals whose roles are to focus solely on legal operations. In the present, legal professionals, both attorneys and non-attorneys, are being hired to concentrate on the efficiency of their respective legal departments. According to Deloitte Development LLP[1], legal operations are about to further expand in the future, necessitating roles such as formal legal operations leads. These leads will act as liaisons between the legal and business departments, and play a crucial part in the smooth functioning of the organizations. Individuals who have an interdisciplinary background, possessing legal as well as management skills will be favored for these roles. They should be equipped to help the business department understand the legal department and vice versa. Overall, legal operations are likel…

Key Themes that will Define Corporate Legal in 2018

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Artificial Intelligence for Law: Yay or Nay?

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The legal system is undergoing a technological revolution and Artificial Intelligence (AI) is the new buzz word. AI can serve as a substitute for lawyers for performing routine, non-billable and structured tasks such as basic documentation and contract drafting. AI-enabled personal assistantprograms can efficiently handle administrative operations in law firms such as payroll and resource management, scheduling meetings, and client billing. Similar AI programs are available in the market for hiring paralegals and associates, and helping them complete document reviews and formatting in specialized practice areas like patent applications. AI can also help law firms monitor their time and activities, and generate electronic billing.


"The IBM Watson super computer used by Ross intelligence has the ability to respond even to plain language. "
AI has appreciative value because of the reduction in work hours that it facilitates through onlineresearch platforms, and apps such as ROSS …