The legal operations landscape is evolving rapidly, and nowhere is this more evident than at the annual CLOC Global Institute (CGI) conference. Caravel was fortunate to have our Director of Legal Innovation, Monica Goyal, on the ground and present at this year’s conference. Monica shares her insights from the event:
This year’s event was a testament to the maturity and innovation within the industry, drawing thousands of professionals eager to learn, network, and explore the latest trends. Three key themes stood out: the evolution of Legal Ops to Legal Ops 3.0, the burgeoning interest in generative AI, and the growing number of legal tech offerings.
Legal Ops 3.0: Evolution and Maturity
Legal operations, once a nascent field, has now reached a level of maturity that is driving significant evolution within organizations. This maturity signifies a deep integration of legal operations into the strategic framework of businesses. Legal ops professionals are no longer just support staff; they are strategic partners influencing business decisions.
The tools and technologies they employ have also evolved, becoming more sophisticated and integral to daily operations. This shift is leading to increased efficiency, cost savings, and a stronger alignment between legal and business objectives. CLOC’s closing plenary session coined these shifts in the legal operations space as Legal Ops 3.0.
The Rise of Generative AI
Generative AI was a hot topic at CLOC this year, with sessions on the subject drawing larger crowds. The interest in AI is not just a fad; it represents a fundamental shift in how legal services will be delivered and managed.
One particularly interesting session was hosted by Microsoft and Ernest and Young, where Microsoft highlighted their use of a semantic agent solution to transform their internal legal department in the area of regulatory compliance. There has been lots of news around AI agents, I predict we’ll see these tools become the new hot topic in the legal tech space.
Almost every legal tech vendor was lauding a new AI feature, the most popular being AI contract review MS Word plug-ins. Undoubtedly, an AI contract review tool that integrates with MS Word is very useful for lawyers. I predict that in a year these tools will be even more accurate and reliable.
My key takeaway from the conference is that generative AI interest is here to stay, but the key will be developing AI solutions that are not just innovative but also practical and user-friendly.
Consolidation in Legal Tech
The legal tech market is booming, with a plethora of solutions. This trend was evident at the conference, where around 130 vendors showcased their latest innovations.
However, the market is also ripe for consolidation, as seen with the recent acquisition of Lexion by DocuSign, and the number of similar legal tech solutions. I suspect that over the next two years, we will hear of further acquisitions driven, at least in part, by the need for comprehensive, integrated solutions that can provide more value than fragmented products.
As companies look to streamline their legal technology, I suspect they will increasingly favour platforms that offer a broad range of capabilities under one solution.
The CLOC Global Institute conference may be over, but its impact will resonate throughout the year. The insights gained and the connections made will drive further innovation and development in the legal operations field.
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