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Technology is changing the world in the blink of an eye. All industries see tie-up with technology, and the legal industry is no exception. The sudden prominence of legal technology is attributed to the great benefits of remote working, adding efficiency and flexibility. From conventional court hearings to video call-based sessions, from physical signatures to e-signatures and from work at the office to remote working, the legal industry has come a long way and continues to evolve.
Legal professionals often state that they are under immense pressure and spend time on mundane and repetitive tasks. Technological development plays a crucial role in effectively utilising time for productive and higher-value activities.
Legal tech can simplify the process and efficiently manage the control, creation, termination, and various contract aspects, providing two benefits to the organisation; firstly, the organisation will have streamlined contract management, reducing risks such as security and error. Secondly, time management will allow the lawyers to focus on other essential tasks and support the business development.
Spend analysis and e-billing
The organisation needs to evaluate the legal spending. Having an automated tool to interrogate and report on expenditures, errors, and trends is necessary for any legal team. Having such insights into the spending may help organisations plan for budget, targets, KPIs, external relationships, etc.