What will the Corporate Legal Landscape look like post COVID-19 – Our Thoughts
COVID-19 and the subsequent lockdown will undoubtedly have a huge knock-on effect
throughout the legal world, but none more so than for
‘In House’ Legal Departments.
In the wake of COVID-19, we expect the ‘blame-game’ to commence with litigations and investigations across all areas; but with GDP down 1.6% in the first quarter preceding lockdown and conservative estimates for Q2 being negative 15%, with a predicted contraction overall in the British economy of up to 35%, we expect to see Corporates slash budgets and cut costs.
Corporate Legal Teams will come under greater pressure to do more with reduced budgets and so will increasingly be looking for more effective options to manage the costs, particularly during the all-important early stages of any potential litigation or investigation.
Many more In-House legal teams will be leveraging partnerships with eDiscovery Service Providers, independently of Law Firms in order to maintain control, visibility, and predictability, both in terms of cost and process.
Today’s Legal Teams will need to become fast acquainted with new technologies and methodologies, and those technologies will need to be intuitive and simple to use yet powerful enough to enable any task to be done efficiently and quickly.
New technologies such as Continued Active Learning (CAL) and Artificial Intelligence (AI) offer greater speed and automation in reducing document population.
Fixed predictable pricing models will be sought along with ‘per doc’ pricing for Document Review as opposed to the traditional Law Firm model of ‘Hourly Billing’ which often yields nasty surprises and does nothing for the harmonious continuation of that all-important relationship between Law Firm and Corporation.
In an age where we have lurched from crisis to crisis, weary corporates will require ever greater predictability and transparency.
This is exactly what Altlaw aims to deliver.
Transparent Predictable pricing coupled with the infinitely scalable, secure, lighting quick and powerful yet intuitive, easy to use RelativityOne platform, and of course Altlaw’s renowned customer service and project management.
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