Recently, the phrase “modern law” seems to be floating around in the legal industry. But what does this mean and why should today’s practitioners care? From corporate counsel to law firms to contract attorneys, this term of art can carry several meanings. In a nutshell, modern law refers to the idea of taking a business centered approach to legal practice by embracing emerging technologies and new partnerships to increase efficiency and make smarter operational decisions.
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Legal operations has become a growing focus as organizations prioritize finding new ways to increase efficiencies within the legal department. Legal operations teams are tasked with several responsibilities including technology investment, metrics, legal spend management, strategic planning, compliance, and risk evaluation. To keep on the path of transformation, legal needs to take more of a business approach, which is why having a mature legal operations team should be a top priority for many organizations. But how do legal operations teams fit within organizations as a whole? Hyperion’s 2021 MarketView Report on Enterprise Legal Management provides some insight on this topic.
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