Eight Legal Technology Trends for 2008 – Good Times, Bad Times or Hard Times in Legal Tech? | LLRX.com
- Posted by Geoffrey G. Gussis on March 4th, 2008
- Filed in IT/Software/Internet
Legal tech guru Dennis Kennedy shares his thoughts on legal tech trends for 2008 - read and share with your law department and MIS department.
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March 4th, 2008 at 11:30 pm
As companies develop plans to weather the recession I think financial executives are going to look to do more with their existing headcount. This means that functions such as in house legal and revenue operations that are often considered cost centers will be required to handle more contract negotiations with the same amount of resources. In the area of “Technology that Cuts Costs”, my company Emptoris worked with a large telecommunications company to enable self service contracting for their sales team. This allowed them to double their sales force without increasing headcount on their contract management team. Instead of the legal team managing each contract negotiation, they now only focus only on the exceptions. This allows them to focus on improving template standardization and handling contract maintenance activities. We are seeing an increased interest in our Contract Management software, especially for revenue contracts, where companies are working to increase “revenue in” and decrease the cost of revenue.