Corporate legal departments (CLDs) face challenges from multiple directions. Under pressure to do more with less, many CLDs have made significant investments in information sharing and automation technologies. These investments aim to improve operational efficiency and optimize day-to-day decision-making processes.
Often, such investments involve extending the technology to partners, especially outside counsel and other legal service providers. The advantages are clear: CLDs can realize cost savings of 3-6% or more and a 5-10x ROI. But as recent, high-profile cases of data exposure demonstrate, interactions with outside parties can entail significant risk.
In this paper, we outline key challenges CLDs face, share insights from other industries confronting similar problems and provide a roadmap for getting started.