Source: PRNewswire
OpenText, the information company, today shared the results of a new survey that revealed the need for better adoption of legal technology innovations to support in-house general counsels’ transition from their traditional role as a detached cost center to influential C-Suite strategic partner.
Developed in partnership with the Corporate Counsel Business Journal (CCBJ), The OpenText and CCBJ Modern General Counsel Survey analyzes the impact technology has on the general counsel’s current role and measured the appetite for greater adoption of pioneering technologies – such as artificial intelligence (AI) – to improve workflow efficiencies and optimize legal operations for better data-informed decisions.
The survey highlights that 91% of all respondents indicate that technology is critical or important to meet legal strategy, objectives, and challenges to optimise operations, reduce costs, and improve risk management. This includes innovative technologies such as advanced analytics, AI, and machine learning with a desire to automate workflows and solve complex legal programs.
The top reasons in favor for greater AI implementation include:
- Over half (60%) of all respondents agree that AI would free up time to perform higher value work.
- 55% of all respondents agree AI would boost the productivity of in-house legal teams.
- 41% of all respondents see automation of manual tasks as the biggest opportunity for productivity improvements for their legal departments.
- Almost half (49%) of all respondents believe AI could assist with the automation and simplification of time-consuming and error prone manual processes.
“The role of the general counsel is evolving rapidly to meet new demands and to thrive in the digital age. Traditionally slower to embrace innovative technologies, now, the legal industry must digitally transform by adopting tools, such as AI, to successfully embody its new role as an influential C-Suite strategic partner,” said Michael F. Acedo, Chief Legal Officer, Corporate Secretary and EVP at OpenText. “By adopting such technologies, in-house legal teams can transform themselves from perceived corporate bottleneck and cost center to a proactive, agile leader spearheading the enterprise digital transformation journey.”
Read full article: https://www.prnewswire.com/news-releases/new-survey-reveals-growing-adoption-for-ai-in-legal-teams-302035598.html
