Welcome to your Law Tech briefing for July 5th, 2023, covering what happened in legal tech recently.
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Have less than a 1 min? Three takeaways from yesterday
- Enhance cybersecurity measures: Given the increasing threats of cyberattacks on the legal sector, it is crucial for law firms, especially smaller ones without dedicated cybersecurity support, to prioritize cybersecurity measures. Obtaining Cyber Essentials accreditation can help enhance cyber defenses.
- Embrace technology and innovation: The legal industry is changing, and embracing technology and innovation is essential to serve clients better. Blend legal expertise with innovative solutions to create successful initiatives that address specific problems and priorities.
- Plan and collaborate for digital integration: Successful digital integration in law firms requires thorough planning, goal-setting, software and vendor selection, testing, and training. Involve stakeholders from both legal and technical backgrounds to ensure integration success.
- The National Cyber Security Centre (NCSC) warns of increasing cyberattacks on the legal sector, with ransomware, phishing, and supply chain attacks posing significant threats. Smaller firms without dedicated cyber security and IT support are particularly vulnerable. The NCSC recommends obtaining Cyber Essentials accreditation to enhance cyber defenses.
- M-Files, a global information management leader, has been recognized as a Strong Performer in Gartner's 'Voice of the Customer': Content Services Platforms report for June 2023. M-Files stood out for its customer satisfaction, commitment to exceptional experiences, and comprehensive content services platform.
- Travers Smith, a leading UK law firm, has promoted Shawn Curran and David Cassidy to director positions within their respective technology departments. Curran, the head of legal technology, will focus on artificial intelligence (AI), while Cassidy will oversee infrastructure and core systems. These promotions highlight the firm's dedication to technology and driving change.
- Sweden-based startup Eperoto is transforming how lawyers evaluate dispute outcomes and values with its precision tool. The platform allows legal professionals to create financial models and assessments, aiding their decision-making process regarding litigation or settlements.
- Blockchain technology has the potential to revolutionize businesses, offering improved control over corporate and financial matters. Tokenized Business Organizations present new opportunities, but legal challenges arise around the classification of tokens and the required legal rights.
- The legal sector faces a growing concern about intellectual property theft and data loss caused by employee turnover. Proactive measures such as educating employees and conducting thorough exit reviews help protect sensitive data.
- Efficiency and innovation are gaining importance in the legal field. Legal professionals express frustration with the slow pace of legal processes and the need to navigate numerous options. Focusing on specific problems and priorities while avoiding replication of others' journeys is advised.
- Thorough planning, goal-setting, software and vendor selection, testing, and training are crucial for successful digital integration in law firms. Core practices for importing and exporting data, as well as involving stakeholders throughout the process, contribute to integration success.
The growing concern about cyberattacks on the legal sector, as highlighted by the NCSC's report, stresses the need for enhanced cyber defenses and obtaining Cyber Essentials accreditation. Smaller firms without dedicated cyber security and IT support are particularly vulnerable, making it crucial for them to prioritize cybersecurity measures.
The promotion of Shawn Curran and David Cassidy at Travers Smith demonstrates the firm's commitment to technology and its goal of driving change. The focus on artificial intelligence and overseeing infrastructure and core systems showcases the firm's understanding of technology's role in shaping the legal industry. The increasing emphasis on innovation and efficiency within the legal field underscores the need for technology-driven solutions. While traditional legal processes can be slow and confusing, adopting specific problem-focused approaches and leveraging technological advancements can drive meaningful change within the industry. Thorough planning and collaboration between legal and technical experts are paramount in successful digital integration.
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The author, Jon Gregson, reflects on his transition from being an employment lawyer to becoming a Product and Innovation Partner at Weightmans LLP. He emphasizes the importance of blending legal expertise with innovation and technology to offer clients enhanced solutions and services. Gregson shares an example of how visualizing metadata helped identify patterns and mitigate risks for a client facing multiple claims. As a Product and Innovation Partner, Gregson's role is to bring together various stakeholders, including clients, partners, and internal teams, to create and implement innovative ideas and solutions. He highlights the need for collaboration and the ability to leverage expertise in different areas. Gregson also mentions his involvement in developing various tools and products, such as a holiday pay service and HR-based tools. Despite not being a technical expert, he understands the importance of knowing where to find the right people for the job. Overall, Gregson's journey demonstrates the evolving role of lawyers in the digital age and the value of combining legal knowledge with innovation and technology.
This news highlights the potential challenges and pitfalls that law firms may encounter when undertaking digital integration. The anecdote of a mid-tier U.S. law firm's failed integration serves as a warning for other firms but also provides key insights for success. The analysis outlines seven keys to success for seamless integration, including conducting a thorough assessment, clearly defining integration goals, choosing the right software and vendor, planning for data migration, testing and validating the integration, training users, and monitoring and evaluating performance. Additionally, the news provides five core practices for importing and exporting data and seven steps for integration success, emphasizing the importance of thorough testing, data integrity, performance, security, and involving stakeholders throughout the integration journey.
UK legal sector cloud and managed services provider, CTS, has acquired Tiger Eye, a leading iManage partner, with the goal of becoming a global digital transformation (DX) partner for law firms. The combined company will offer a simplified IT environment and optimized performance to clients seeking a trusted partner. The joint strategy includes providing integrated iManage support and consultancy services to assist clients on their DX journey and streamline application usage.
A report by the National Cyber Security Centre (NCSC) warns that the legal sector is increasingly susceptible to cyberattacks. The report identifies ransomware, phishing, and supply chain attacks as the main threats facing the industry. Smaller firms without dedicated cyber security and IT support are particularly vulnerable. The report includes a case study of a law firm that experienced a ransomware attack, highlighting the need for robust security measures. The NCSC recommends obtaining Cyber Essentials accreditation to enhance cyber defenses and safeguard critical data.
M-Files, a global leader in information management, has been recognized as a Strong Performer in Gartner's 'Voice of the Customer': Content Services Platforms report for June 2023. The company stood out in both the overall category and as the sole vendor in its category for the North America and Midsize Enterprise segments. M-Files' customer satisfaction and commitment to delivering exceptional experiences were key factors in this recognition. The report rates vendors based on various factors, including product capabilities and support experience. Customers praised M-Files for its secure and intuitive document management tool, its ability to manage company processes and documents, and its comprehensive content services platform.
Travers Smith, a leading UK law firm, has promoted Shawn Curran and David Cassidy to director positions within their respective technology departments. Curran, the head of legal technology, will take on a strategic role with a focus on artificial intelligence (AI), while Cassidy, the head of central technology, will oversee the firm's infrastructure and core systems. These promotions demonstrate the firm's dedication to technology and its goal of driving change both internally and externally. Curran expressed appreciation for the legal technology department and is excited about the future challenges.
Sweden-based startup Eperoto is transforming the way lawyers evaluate dispute outcomes and values with its precision tool. The platform empowers legal professionals to create financial models and assessments around liability, quantum, and cost/risk factors, aiding them in making informed decisions about pursuing litigation or accepting settlements. Although Eperoto utilizes modern technology, it is primarily designed for lawyers rather than tech experts. Since its establishment in late 2019, the company has gained recognition, expanded its customer base, and secured investments from angel investors and venture capital firms. Eperoto's growth strategy entails broadening its user base and incorporating new features based on user feedback.
Blockchain technology has the potential to revolutionize businesses by offering more control over corporate and financial matters. Tokenized Business Organizations present new opportunities but also legal challenges. Tokens can be classified as security or non-security tokens and as debt or equity tokens based on their legal requirements and rights they confer to holders. Tokenization allows for improved shareholder verification, record-keeping, voting control, and privacy. Implementing blockchain technology requires amending corporate bylaws and collaboration between lawyers and engineers. Embracing blockchain technology can enhance operations, decision-making processes, and efficiency for companies.
This article highlights the growing concern of intellectual property theft and data loss caused by employee turnover. It emphasizes the significance of digital forensics in preventing and addressing such incidents. The article stresses the need for organizations to protect sensitive data and prevent departing employees from taking restricted information. Proactive measures like educating employees and conducting thorough exit reviews are recommended. The article concludes by emphasizing the role of digital forensic experts in conducting timely investigations to determine the extent and nature of data breaches.
In this article, a legal industry veteran shares their experience transitioning from a traditional lawyer to a Commercial Director at an Alternative Legal Service Provider. The author emphasizes the importance of efficiency and innovation in the legal field, expressing frustration with the slow pace of legal processes. They also highlight the confusion faced by legal teams in navigating numerous options. The author advises focusing on specific problems and priorities instead of replicating others' journeys.