New research shows the implementation rates for different types of tech by law departments across the globe.
The Corporate Legal Operations Consortium (CLOC), together with the Association of Corporate Counsel (ACC) (which acted as a research consultant), has released the 2021 CLOC State of the Industry report, for which they surveyed over 200 organisations across the globe, spanning over 22 industries in 21 countries.
The breakdown of organisations surveyed was: 45 per cent large companies (more than US$10 billion), 31 per cent medium-sized companies ($1 billion to $10 billion) and 24 per cent small companies (less than $1 billion).
As part of the research, CLOC and ACC surveyed the extent of use of technology solutions. Implementation rates across all technology areas, the organisations noted, were higher than rates last year.
The results showed that e-signature, e-billing, contract management and document management were the top four technology areas most widely used by law departments around the world, as they were in 2020.
Below is a list of the percentage of surveyed respondents that employ each kind of technology:
- E-signature (87 per cent).
- E-billing and matter management (79 per cent).
- Contract management solutions (74 per cent).
- Document management (67 per cent).
- Web portal/internet site (63 per cent).
- Legal analytics, metrics and dashboards (56 per cent).
- Board management solutions (55 per cent).
- Corporate governance and entity management (50 per cent).
- Legal holds and litigation support (50 per cent).
- E-discovery and records management (47 per cent).
- IP management (37 per cent).
- Process/workflow management (35 per cent).
- Conflicts and investigation compliance solution (31 per cent).
- Learning/knowledge management (29 per cent).
- Vendor onboarding and compliance (29 per cent).
- Data science (including AI) (22 per cent).
- Real estate (10 per cent).
As reported recently by Lawyers Weekly, the research also explored the extent to which seven different issues were priorities for the law department and their organisations, and the volume of law departments that actively evaluate the law firms that they engage.