Legal Operations Success In an Uncertain Economy

During a recent discussion with the team at SirionLabs and a select group of leaders in legal operations in highly-regulated organizations, several key themes emerged that are likely to drive new initiatives in 2023. In the uncertain economy that is characterizing the first quarter of the year, for example, there remains a significant emphasis on demonstrating value to secure new resources. Automation is also a meaningful objective and the overarching pursuit of process improvement is influencing technology deployment for many, particularly for those focused on efficiency gains in a resource-constrained environment. And of course, many positions on returning to the office remain fluid.

Law Department Leadership In a Struggling Economy

With respect to the economy, several participants highlighted that the financial climate will impact staffing in the first quarter of 2023 and require limitations on the use of external resources. In an effort to address this shift, one common best practice for law department leaders is to conduct an audit of their technology suite to identify outdated or unnecessary applications. Sunsetting these tools can help fund new initiatives even among teams that have frozen their budgets in anticipation of monetary challenges. Also, focus on smaller wins by building on proofs of concept and limited deployments. This tactic can fuel interest and drive additional success without a substantial upfront investment. Finally, try to create uniform, repeatable standards to systematize your efforts and avoid unnecessary processes. In connection with this strategy, legal operations teams that can avoid scope creep will likely enhance their efficiency.

Fueling Contract Management With Technology

A recurring theme in our conversation was that among the digital transformation initiatives that have had the most significant effect on corporate legal planning over the past few years is the advanced administration of contracts. That said, designating the ownership of contracts can be one of the biggest challenges in a corporate law department. Whether it is legal, procurement, or the business unit, among other divisions, leaders should try to centralize the management of their company's most important agreements. In fact, the goal for many legal operations teams, according to the participants in the discussion, is to have a single contract lifecycle management (CLM) system within their organizations that offers universal access.