Tech News Summary:
- Despite dissatisfaction with current CLM tools, there is still high demand for contractual technology within the corporate legal industry.
- The economic outlook has led to fewer respondents planning to reduce or freeze their spending on legal technology compared to last year.
- The evolving landscape of legal technology highlights the need for innovative solutions that can better meet the needs of corporate legal professionals.
Despite struggles with implementing new technology in the corporate legal sector, the demand for contract technology remains strong, according to a new report.
The report, released by a leading legal technology research firm, found that while many corporate legal departments are experiencing difficulties in effectively implementing contract technology, the overall demand for such solutions continues to grow.
The challenges in implementing new contract technology were attributed to a variety of factors, including resistance to change, lack of internal expertise, and difficulties integrating new technology with existing systems.
Despite these challenges, the report noted that the benefits of contract technology, such as improved efficiency, risk management, and cost savings, are driving the continued demand for these solutions.
“Corporate legal departments recognize the value of contract technology, but they are encountering obstacles in effectively implementing these solutions,” said a spokesperson for the research firm. “However, the strong demand for contract technology indicates that organizations are committed to overcoming these challenges and reaping the benefits that these solutions can offer.”
The report also highlighted the growing trend of corporate legal departments partnering with external legal tech providers to navigate the complexities of implementing new contract technology.
“By leveraging the expertise of external legal tech providers, corporate legal departments can address the challenges of implementing contract technology and ensure that they are able to fully realize the benefits of these solutions,” the spokesperson added.
Overall, the report’s findings suggest that while corporate legal departments may be facing struggles with implementing new contract technology, the demand for these solutions remains strong, signaling a continued shift towards technology-driven solutions in the legal sector.