2023 Predictions: New Year Will Bring More Technology Demand and Adoption
In this series, Evisort leaders share their predictions for the new year. Today, we hear from Evisort Chief Executive Officer and co-founder Jerry Ting.
In 2023, we will see increased technology demand paired with the adoption of more advanced AI. The legal ops field is five times larger than it was five years ago. Legal departments are now analyzing data, discussing OKRs and efficiency metrics, and exploring collaboration. In this environment, legal tech advancements will further streamline department operations and provide increased business value.
Expanded role of generative AI in enterprise operations
Generative artificial intelligence (AI) — machine learning that can create something entirely original — is steadily gaining traction. We are seeing organizations use generative AI for copywriting, content development, customer support, graphic design and more. The applications are actively improving business speed by automating more basic creation tasks, like sales emails. In the coming years, we expect generative AI to play a more significant role in language-heavy disciplines like legal review and contract revisions.
Increased workforce demand for technology
The legal field and its workforce are rapidly evolving. Moving forward, law firms and in-house departments must invest in technology to attract top talent from the next generation of lawyers. New legal professionals are no longer content to sit in an office and sort through papers — they demand technology and the ability to work from home. This generation grew up using computers, tablets and smartphones, and they expect to use these tools on the job. Qualified candidates will go elsewhere if an employer cannot satisfy their demands.
In addition to attracting the best talent, technology investment maximizes the talent you already have. Eliminating tedious work frees lawyers to focus on strategic tasks, providing more job satisfaction and reducing burnout under growing responsibilities and economic pressure.
Growing legal department role in budgeting and cost management
A tight economy means a microfocus on cost management. Businesses will increasingly lean on their legal department for help in budget matters. Lawyers hold the key to contracts, and contracts hold the secrets to revenue optimization.
In-house counsel can extend beyond legal advice and proactively impact the company’s bottom line. By using AI-powered contract management software, like Evisort, companies can save millions of dollars on unwanted renewals, duplicate contracts, and unneeded services and uncover unutilized cost-saving clauses buried in contracts. Software accomplishes the search in minutes, whereas lawyers might need hours to comb through documents. With these search capabilities available, more legal departments will work with procurement leaders to manage contracts.
Increased merger and acquisition activity
The economic downturn will spur increased merger and acquisition activity in 2023. Typically in recessions, we often see larger companies seize opportunities to invest in strategic ventures through acquisition. Lawyers will negotiate the deals, complete the due diligence and obtain SEC and antitrust approvals on top of their current projects like managing sales negotiations, contracts, litigation and other functional tasks.
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