In September 2019, the third edition of the Legal Design Summit (#LDS2019) took place in Helsinki, Finland. With its six hundred participants from all around the world, #LDS2019 was the largest legal design event so far -- and the first event of its kind that the InvestCEE professional designer team attended. In this blog post, we share the take-away notes by our designer Forián-Szabó Ferenc.
Smart data management, contract analytics or AI-assisted contract management are some of the various terms used to describe technology tools that help more efficiently access and assess information embedded in contracts. While traditional document management systems force us to carry out and execute routine operations manually (like searching for specific phrases or sections in contracts, reporting on contract data, etc), smart technology helps to automate most of these manual tasks.
A couple of years ago, legal technology (legaltech) was still an unnoted topic of discussion among most lawyers in Central Eastern Europe (CEE). Even in more mature legal markets, the legaltech sector was just picking up, but often still poorly defined. Today, innovative software tools targeting the legal industry are being developed across Europe and legaltech startup maps are increasingly populated in several local jurisdictions. Our team at InvestCEE LegalTech Consultancy decided to look more closely at various legaltech solutions originating from the CEE region specifically and to provide an overview of this nascent market. We are excited to release the final version of the CEE legaltech report today!
In a changing legal market -- responding to a data-driven economy -- companies and law firms often play it safe, look for the perfect solution and wait for the right moment to jumpstart innovation of legal workflows. Investing into technology requires some expenses and the return on investment is often difficult to predict. Clearly, legal technology acquisitions need to be carefully and strategically considered. Yet study after study shows: strategic thinkers are found to be among the most highly effective leaders, and those organizations that look to the future and take well-managed risks are the ones that persevere and grow. We help apply this wisdom in legal innovation context.
Managing the contract lifecycle and making the most of contract data is one of the all-time top priorities of corporate legal teams. Improving contract management efficiency is easier with new technologies, yet there's typically a gap between the importance of these challenges and success in solving them. Given there are many contract lifecycle management (CLM) solutions available on the market, it is rather confusing to understand which capabilities really drive the most value. Here's a summary from our partners from Aivan.ai explaining how they differentiate their tool on the legaltech market.
Press time for the European Legal Technology Association (ELTA) - an organization we are closely affiliated with in Hungary and across the Central Eastern Europe (CEE). In its latest issue released in February 2020, The Legal Technologist featured ELTA Board Members' and Ambassadors' (including InvestCEE founder & CEO Orsolya Szabó) perspective on legaltech with a look back at 2019 and a forecast for 2020 - meaningful insights from the various European jurisdictions. Here's to another exciting year for the European legaltech scene!
‘Legal data analytics’ is a buzz term which implies that lawyers must have a sophisticated knowledge of numbers, data visualisation and analytics. Yet data – and specifically legal data – can be extremely simple and help understand the value of […]
On February 20, 2020, InvestCEE LegalTech Consultancy hosted a webinar organized by the European Legal Technology Association (ELTA) regarding the use of legal data analytics for improved decision making of corporate legal departments and law firms. The panel of experts included Jodie Baker, founder and CEO of Xakia Technologies and Ádám Szíjártó, legal director of Egis Pharmaceuticals PLC. The discussion focused on identifying and visualizing metrics beyond the billable hour to demonstrate the value of legal work.
Legal Market Day 2020 is the seventh edition of a CEE wide conference dedicated to lawyers from Central Eastern Europe who wish to create and develop innovative law firms. The purpose of the Legal Market Day is to combine professional experience with development and innovation. InvestCEE will contribute to the 2020 edition of the conference with a presentation on Making Legal Innovation Work.
On March 6, 2020, InvestCEE LegalTech Consultancy held a presentation on Making Legal Innovation Work at the Legal Market Day 2020 conference in Warsaw. The presentation focused on key areas where legal teams need to take meaningful risks in order to enable innovation and make the most of legal technology investments. Insights shared regarding the use of legal data analytics were meant to inspire corporate legal departments and law firms in CEE to improve their decision making and risk management functions.
We have also recognized that beyond the immediate human health aspect, there are additional, economic concerns that need to be dealt with in the current circumstances. And lawyers may have a special role to play in this regard. Enabling access to digital legal tools, easing the flow of goods and services, helping to virtually run our economies (locally and regionally) and getting creative about legal services will be essential going forward. To support legal teams through this period, we are here to team up and make use of the know-how we've accumulated in our legal innovation ecosystem. Here's a summary of how we are able to help.
We are launching a blogpost series to showcase the contract management and contract data review capabilities of our legal innovation ecosystem. As part of the series, we will demonstrate how our partner platform Aivan.AI responds to certain common issues business teams face in the post-signing phase of contracting. In step 1, we will address one of the most obvious flaws in contract management: once signing occurred, contracts often become passive documents. In this post, we share some valuable insights as to how Aivan.AI helps activate contract databases.
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