Close to two-thirds (62%) of legal department executives are very or moderately concerned about how major disruptions to day-to-day business demands can impact their operations, according to a recent study between PwC and Manufacturers Alliance. The last several months have seen large-scale disruption across countries, companies, and departments. To stabilize impacts amid uncertainty and lay the groundwork for long-term transformation, corporate legal departments should reassess their technology approach and framework.

The use of emerging legal technology (LegalTech) to drive efficiency, alter legal operating models, and enhance data capabilities is enabling legal departments to adapt to operational demands such as remote work environments and prepare for potential long-term changes in the way they operate. This transformation is more important now than ever. Opportunity is ripe for legal departments. Currently, just over a third (36%) of respondents indicated satisfaction with their company’s legal technology and applications. The study identifies four ways LegalTech can help legal departments address the challenges they face during major business disruptions, such as COVID-19:

• Transform the legal department into a strategic asset for the organization during a challenging time and the long-term.
• Increase efficiency and drive productivity for legal departments, especially important during major events, like COVID-19, that increase pressure on legal departments to reduce costs while sustaining current delivery and execution levels.
• Re-shape the legal department business model to consider alternative ways to perform traditional business functions by either automating routine, low value, high volume tasks with tools such as Robotic Process Automation (RPA).
• Enhance data analysis to enable insightful decision-making from the vast amounts of data generated daily within the business.

Uncover how various components in the LegalTech ecosystem can help corporate legal departments weather the impacts to disruptions today and set the foundation for long-term success.

Download the Report

About PwC

PwC is a global network of firms delivering assurance, tax and consulting services for your business. PwC’s professional services, including audit and assurance, tax and consulting, cover such areas as cybersecurity and privacy, human resources, deals and forensics. We help resolve complex issues and identify opportunities across these industries.

For more information, visit the PwC website.