We’re proud to be a sponsor of CLOC Institute Vegas again this year, of the presentation we’re giving, and the product news we have to share. But CLOC, like the entire Legal Rising movement, is about more than any single entity.
Every CLOC Institute to date has been a showcase of innovation and community collaboration. 2018 was no different, and this year’s conference promises more of the same.
CLOC is a consummate example of how a professional community works together for the benefit of its entire industry, and the future it’s pioneering is nearly unlimited. As Mary O’Carroll put it during her opening remarks at CLOC London this year, “we ain’t seen nothing yet.”
Beyond the Legal Ops expertise on display at our own presentation, Legal Ops 2.0: How Co-Innovation is Driving the Industry’s Future, there are three other sessions that tackle some of the most interesting topics in Legal Operations. I’d encourage anyone attending CLOC Vegas to look in on them. And then? If you get the chance, enjoy some tourist-style fun after hours.
If you haven’t already, check out the entire list of sessions at CLOC Vegas.
1 • Harnessing contract data to drive decision-making
Data delivers value, when used properly. For in-house legal departments, there’s a rich trove of data on hand from contracts, since they underpin every facet of a modern corporation. The process data and metadata that’s embedded in contract workflows and lifecycles can be mined for insights to guide smarter, more efficient decisions in the future, improve business processes, and help contracts better serve the organization. Because vendors or other contractors are often the ones reaping hidden rewards from contracting inefficiencies.
That’s what one intriguing session, Leveraging Contract Data for Data Driven Decision-Making, will cover. As the Harvard Business Review explained in examining the potential impact of AI on contracts, “it has been estimated that inefficient contracting causes firms to lose between 5% to 40% of value on a given deal.” Leveraging contract data to help identify and cut those losses can deliver significant savings to a Legal Ops team and its organization.
2 • How to “walk through fire” to run an efficient organization
This session goes by the intriguing title Secrets of the Firewalkers: Face Your Department’s Inefficiencies Without Getting Burned. It’s being presented by the regional GC of an $11 billion company, a partner at an outside law firm partner, and that law firm’s bizdev lead.
They’re relating their own example of how they drove significant savings in legal costs and a “67% improvement in the pace of a key legal department function.” One area they’ll cover that’s especially timely? The role of the General Counsel in spotting inefficiencies and taking action to remedy them, a task that’s of rising importance to GCs. Another? How law firms can partner with clients to drive innovation and meaningful change.
3 • The factors driving legal industry disruption and innovation
In Getting Past Stuck: What’s really going to change the Legal Industry, a senior law lecturer from Harvard Law School, the head of legal innovation at Fidelity Investments, and a best practices consultant will discuss what factors are really driving innovation and disruption in legal services. Fidelity itself will be their showcase example, as they touch on the evolution of legal services and the tools and techniques enabling change.
For myself and my fellow colleagues at Mitratech, every discussion about innovation and evolution within the legal industry is interesting. That’s true especially when presenters show how they themselves stepped away from cliché approaches and traditional or comfortable ways of thinking about a challenge, and came at it from fresh and different angles.
That’s the same process we see nearly every day in working with our own clients, and it constantly reminds us there’s a huge reservoir of innovation and creativity to draw upon in the Legal Operations discipline. At this year’s CLOC Institute Vegas, I can’t wait to see it on display – and I’d urge any Legal Ops or legal tech professional to be on hand to experience it, too.