Legal Tech Revolution: Insightful Trends at CLOC Global Institute
On the heels of CLOC, we are still reverberating with excitement from all that we learned and experienced!
CGI 2023 always delivers valuable insights, sessions, and networking opportunities while providing attendees with unforgettable after-hours events and this year was no exception. From a delightful dinner hosted by Malbek and ModCounsel at Beauty and Essex to a lively wine tasting event, these gatherings brought together legal professionals in a relaxed and engaging atmosphere where they were able to discuss exciting innovations on the horizon, discuss shared concerns, and have intimate conversations.
See the video showcasing the remarkable experiences at this year’s event.
Below are a few key themes that stood out.
- Embracing Generative AI in Legal Operations:
Generative AI was a prominent topic at CLOC CGI 2023, with legal professionals recognizing its significance in the industry. Mike Haven, CLOC President, emphasized the importance of being pragmatic proponents of AI, considering budget and resource pressures faced by legal functions. The event highlighted the shift of legal operations towards becoming strategic business enablers, while addressing challenges such as imposter syndrome and burnout.
- Policy Drafting and Security Concerns:
Many organizations reported that they are in the process of formulating policies and guidelines for enterprise-wide adoption of generative AI solutions. However, legal operations leaders expressed both excitement and frustration with vendor hype and a lack of dialogue surrounding the security implications of these solutions. Fortune 500 companies, in particular, are adopting a conservative approach, implementing partial bans until the security and transparency aspects of generative AI mature further.
- Insights from Malbek’s Session:
Malbek hosted an insightful session at CLOC CGI 2023 with Momentive (formerly Survey Monkey) which addressed the impending recession , emphasizing the need for legal operations to make calculated investments while embracing risk to emerge as winners. Real-time data access and the ability to support decision-making at speed were highlighted as crucial aspects during disruptive periods. Additionally, Malbek stressed the importance of codifying tech infrastructure as an operational expense, which can help legal functions navigate budget and headcount pressures.
- Foundations of Contract Management Maturity:
While generative AI presents tremendous opportunities, it does not eliminate the need for establishing foundational contract management maturity. Achieving exponential improvements and capitalizing on these advancements requires a focus on people and process. More mature contracting functions will be able to gain a competitive edge by effectively incorporating generative AI into their operations.
See our full take on CLOC CGI 2023 here. With legal operations leaders grappling with budget pressures, imposter syndrome, and burnout, generative AI offers a pragmatic solution to enhance efficiency and strategic impact. As the industry moves forward, the adoption of AI will require careful consideration of policies, security implications, and the integration of technology into existing workflows. As always, we look forward to next year!