Implications of COVID-19 on the Legal Sector
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The legal industry, and the legal function within many businesses, is at an early stage of transformation. The impact of Covid-19 on business will change this. It will show that a business needs to be able to assess its legal obligations and exposures, and strategically align technology, systems and processes to enable simple things like finding and analyzing legal contracts quickly and efficiently, rather than relying on the human capital of its internal or external lawyers. It will help drive transformation of the ‘operating model’ for the delivery of legal services – from the way teams are structured, how they operate and the architecture of systems and tools that support the delivery of services. These changes will be enabled by the availability, and broader use of, a range of different providers of those services, as advisory, tech-enabled products and insourced and outsourced solutions come together to provide business with a “portfolio” approach to providing legal support to business.
At its core, business will better appreciate that legal is an essential business function that helps to support and drive customer engagement and experience, simplicity and efficiency of functions and processes and the ability to drive revenue, as well as helping to reduce cost and manage risk.
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