Continued progress towards digitalization is to be welcomed, but are General Counsel offices moving quickly enough to implement necessary change?
The EY General Counsel Barometer 2020 shows that more companies are embracing the digitalization of legal work, such as the automatic creation of documents and the use of artificial intelligence (AI) for document analysis.
In-house legal professionals are increasingly aware of how new technologies can enable efficient, real-time reporting and demonstrate more clearly the impact they are making on the bottom line. However, our survey shows that while many General Counsel offices accept the benefits of digitalization, they are not always quick to act. There is also a marked reluctance to embrace more disruptive innovation that could deliver even greater efficiency.
The move toward digitalization is the most important factor for General Counsel offices to consider and respond to. More than three-quarters of respondents (76%) believe digital solutions will be very (or somewhat) relevant to the work of legal departments in the future.
Furthermore, the majority of participants in the survey – 51% – say their departments already use digital solutions or have evaluated and plan to use them over the next 12 months. This is a 13% increase on 2017.
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