Clyde & Co is pleased to present Section 3 of the Looking Glass Report 2020, in collaboration with professional member network Winmark. The annual Looking Glass Report investigates trends and developments that impact senior legal leaders, both in-house and in private practice. Section 3 considers Technology and Innovation, following Section 1 on the Risk Landscape, Section 2 on Growth, and the final section looking at the Role of the GC.
Our research has traced how GC and Board technology needs and perceptions of technology risk has been changing as the COVID-19 crisis has evolved and addresses how this will impact their future investment strategies and actions.
COVID-19 accelerates technological innovation
Corporate legal functions are at the forefront of introducing technological innovation into their operations, alongside the financial and IT functions.
This is as a result of the substantial opportunities for automation in litigation, case preparation and due diligence processes. There are significant opportunities for General Counsel and their commercial legal teams to be freed up from repetitive tasks and redeployed onto more strategic, complex and value creating work. Technology can also play a vital role in helping organisations achieve a clear, integrated view of risk, such as utilising self-service tools and technology that can track, consolidate and proactively manage risk data.
COVID-19 will have a profound impact on the pace of this technological innovation. It has accelerated digital commerce and automation to an extent that all organisations are re-assessing their digital initiatives. Digital interaction has become essential in all operations forcing both organisations and individuals to adopt technologies at rapid speed. All organisations are thinking in terms of more rapid investment in secure, remote infrastructure; to deal with the current necessity for remote working, to be in a better position for future crises, and to capitalise on the efficiencies and practical benefits that some organisations have discovered, having been forced to try out the technologies at scale for the first time over the last few months.
Data security has become an even greater priority as a result of the move to remote workforces. Common themes emerging from our consultations include a widely held desire to build on the flexibility of remote working, to accelerate digital adoption and to refocus digital efforts to reflect changing customer expectations.
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