As the business landscape continues to evolve, the management of legal matters will become increasingly important. So what does the future hold for businesses when it comes to legal management? First and foremost, businesses will need to prioritize legal compliance and invest in measures to manage legal risks. According to a survey, 61% of companies expect legal risks to increase in the next three years. This includes risks related to data privacy, cybersecurity, and intellectual property. Therefore, businesses that take legal management seriously will not only avoid costly legal disputes but also have a competitive advantage. In addition, machine learning can be used to analyze legal documents and identify potential risks, allowing businesses to proactively manage legal issues. Another important development is the increasing use of alternative legal service providers (ALSPs), which offer cost-effective and specialized legal services. According to recent reports, 70% of in-house legal departments now use ALSPs, with the top three services being e-discovery, contract management, and regulatory compliance.
In conclusion, the future of legal management for businesses will require a proactive approach toward managing legal risks and investing in technology and alternative legal service providers.
By joining Group Futurista’s latest virtual summit on the "Future of Legal Management for Businesses," grab an opportunity to understand how prioritizing legal compliance, streamlining legal processes, and leveraging specialized expertise can avoid legal disputes and give businesses a competitive advantage. So let's all work together to create a future, and the first step is to book your seats for the event.
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The summit will consist of interesting web panel discussions, exclusive live fireside chats and engaging digital industry presentations.
Industry's thought leaders, decision-makers, and solution providers will gather virtually to discuss the latest trends, innovations, and technologies in the Artificial Intelligence Industry.
Congregation of industry's top-level executives and senior officials for knowledge sharing.
Embracing the potential of Technology in Legal & Compliance!
Understanding IT Compliance: Which Regulations Apply to Your Business?
Building Consensus for your Legal Technology Evaluation.
Centralized Compliance Monitoring Framework
Real-time Legal Updates
Integrated Governance, Risk and Compliance