The chat-based dialogue system ChatGPT is currently receiving a lot of attention – also in legal circles. ChatGPT can answer many legal questions correctly with the help of artificial intelligence. Nevertheless, most lawyers do not see their profession in danger, but recognise the opportunities offered by the new digital services. In addition to (partially) automated legal advice through chatbots, these include offers for document analysis, document creation, document management, collaboration, research and even law firm organisation or online marketplaces for legal services. These offerings are summarised under the term legal tech.
More quality and efficiency
The primary benefit of legal tech offerings is an improvement in the quality and efficiency of legal work. There is great potential in the areas of document creation and document management. For example, contract management: digital systems provide support throughout the contract life cycle. Contract generators help with contract creation by selecting clauses and templates according to predefined criteria and plausibility checks. Workflows specify the processing procedure to minimise errors. Digital signature and archiving services speed up processes and improve efficiency.
Combine specialist solutions
In-house counsel derive additional benefits from legal tech when specialised solutions are combined. Central data storage enables shared access to information by several specialised legal solutions. For example, data and documents from contract management can also be relevant for IP management: What contractual agreements exist with a producer on the use of a utility model? Linking contract and IP management puts the information in an overall context. A simple search provides the user with all information on an IP right and all related contractual agreements. Legal tech solutions provide a quick overview of relevant information. This not only minimises risks, but also improves the efficiency of legal work.
Effort through Environment, Social, Governance
Greater efficiency is currently also an important issue because the workload in many areas of law is increasing. Sustainability issues (Environment, Social, Governance, ESG for short) have gained strongly in importance. Stricter compliance requirements, e.g. through the Supply Chain Act or the Whistleblower Protection Act, challenge the legal department. More documentation and reporting obligations, more control and action tasks increase the demand for legal tech systems that can structure large amounts of data and (partially) automate tasks.
Legal Tech from otris
otris supports companies in the digitalisation of compliance-relevant and legally relevant processes. The solutions for contract management, participation management, process management and intellectual property management are the functional components of the otris legal SUITE. The specialist solutions can be used independently or in any combination. They can also be combined with solutions from other otris suites. The otris compliance SUITE combines specialist solutions for due diligence management, whistleblower protection, risk management and policy management; the otris privacy SUITE combines the specialist solutions for data protection and ISMS. The combination of the different otris specialist solutions and otris suites helps companies to become more digital. From individual processes to entire specialist areas such as the ESG sector (Environment, Social, Governance).
Your contact at otris.
Do you have any questions about legal tech solutions from otris? Then we look forward to hearing from you by phone or email.
