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This book compels the legal profession to question its current identity and to aspire to become a strategic partner for corporate executives, clients and stakeholders, transforming legal into a function that creates incremental value. It provides a uniquely broad range of forward-looking perspectives from several different key-players in the legal industry: in-house legal, law firms, LPO’s, legal tech, HR, associations and academia. This publication is a platform for leading legal professionals that offers a new perspective on the accelerating transformation in legal. Combining expert contributions with editorial insights, it argues that the new legal function will shift from a paradigm of security to one of opportunity; that future corporate lawyers will no longer primarily be negotiators, litigators and administrators, but that instead they will be coaches, arbiters and intrapreneurs; that legal knowledge and data-based services will become a commodity; and that analytics and measurement will be key drivers of the future of the profession. A must-read for all legal professionals, this book sets the course for revitalizing the profession.
“Humanization and the Law” combines two current and complementary trends in the business-to-business (B2B) market of the legal industry: digitalization and humanization. On the one hand, digital transformation in corporate legal departments and law firms continues to advance. Contract management, e-discovery, due diligence, legal operations, and forensic data analysis are just a few examples of task areas where the use of intelligent software solutions minimizes legal risks and increases compliance, enables efficiency gains and cost reductions through automation, and allows faster and more agile responses to changing market demands and client expectations. On the other hand, the increasing number of failed digitalization projects shows that technology alone is not enough to successfully transform legal departments and law firms. Software solutions must be integrated into existing work processes, be easy to use, and provide real benefits in order to be accepted by employees. People and their ability to make decisions and lead others remain the focus in an increasingly digitalized legal industry. More than 20 authors provide insights into why human aspects matter for business, what organizations can do to increase the mental well-being and motivation of their employees, and how to prevail in the upcoming war for talent in the legal industry. “The legal industry has been largely dismissive of “soft skills” and “humanizing law.” One of the paradoxes of our time is that the ascendency of automation, artificial intelligence, blockchain, Big Data, and other technological platforms has elevated, not diminished, the importance of humanity. It is not only what distinguishes us from machines but it also enables us to apply our humanity to machines. The legal function will play an important role in this process but must first take a hard look at itself.” (Mark A. Cohen, in “Foreword”)
There is a broad consensus amongst law firms and in-house legal departments that next generation “Legal Tech” – particularly in the form of Blockchain-based technologies and Smart Contracts – will have a profound impact on the future operations of all legal service providers. Legal Tech startups are already revolutionizing the legal industry by increasing the speed and efficiency of traditional legal services or replacing them altogether with new technologies. This on-going process of disruption within the legal profession offers significant opportunities for all business. However, it also poses a number of challenges for practitioners, trade associations, technology vendors, and regulators who often struggle to keep up with the technologies, resulting in a widening regulatory “gap.” Many uncertainties remain regarding the scope, direction, and effects of these new technologies and their integration with existing practices and legacy systems. Adding to the challenges is the growing need for easy-to-use contracting solutions, on the one hand, and for protecting the users of such solutions, on the other. To respond to the challenges and to provide better legal communications, systems, and services Legal Tech scholars and practitioners have found allies in the emerging field of Legal Design. This collection brings together leading scholars and practitioners working on these issues from diverse jurisdictions. The aim is to introduce Blockchain and Smart Contract technologies, and to examine their on-going impact on the legal profession, business and regulators.
A practical, informative guide to banks’ major weakness Legal Data for Banking defines the legal data domain in the context of financial institutions, and describes how banks can leverage these assets to optimise business lines and effectively manage risk. Legal data is at the heart of post-2009 regulatory reform, and practitioners need to deepen their grasp of legal data management in order to remain compliant with new rules focusing on transparency in trade and risk reporting. This book provides essential information for IT, project management and data governance leaders, with detailed discussion of current and best practices. Many banks are experiencing recurrent pain points related to legal data management issues, so clear explanations of the required processes, systems and strategic governance provide immediately-relevant relief. The recent financial crisis following the collapse of major banks had roots in poor risk data management, and the regulators’ unawareness of accumulated systemic risk stemming from contractual obligations between firms. To avoid repeating history, today’s banks must be proactive in legal data management; this book provides the critical knowledge practitioners need to put the necessary systems and practices in place. Learn how current legal data management practices are hurting banks Understand the systems, structures and strategies required to manage risk and optimise business lines Delve into the regulations surrounding risk aggregation, netting, collateral enforceability and more Gain practical insight on legal data technology, systems and migration The legal contracts between firms contain significant obligations that underpin the financial markets; failing to recognise these terms as valuable data assets means increased risk exposure and untapped business lines. Legal Data for Banking provides critical information for the banking industry, with actionable guidance for implementation.