In our interlinked world, business lifecycles are getting shorter and shorter. Organisations have anticipated changes in business models continuously every once in a while, but now many keep changing their strategies rapidly. There are times when the model continues meeting the organisational goals concerning revenue, competitiveness and cost differentiation and doesn’t require to be shifted right away. However, an organisation should be prepared to upgrade it whenever it is needed and should know when and how to do as such.
Corporate legal departments are better braced than ever to explore, analyse and redesign their vital activities. Driving this new flexibility of the business model is the underlying reality that changes in competitive action don’t adhere to yearly schedules. Change is being driven by what occurs in the market and not in the conference room.
Successful General Counsels are the ones that utilise hard data to set up priorities for their organisations, to show results based on different scenarios and to design their business models while still depending on the existing plans. Like how phones nowadays can be swiftly updated with new software downloaded over the internet, business models should be tested and continuously evaluated to keep up with economic conditions and trends.
Changes in technology and its related advancements allow for significant innovation in business models. The organisations in the future will amaze us with ground-breaking and unconventional plans of action. It is by definition hard to predict what will overwhelm us or what will prove to be creative. In any case, we can to some degree cast our look over the organisations that are currently rising— because the future begins today.
The legal industry has always been identified as being conventional, unsusceptible to change, and led by precedent instead of innovation. Even though when compared to other sectors, the legal industry has lagged behind, the pace, reach and scope of technology in the legal industry, in the course of the most recent years made significant strides.
Powerful forces are reshaping the corporate legal market, including digitisation of data. Legal technology solutions can help legal departments thrive in this new period, only if they comprehend the tech scene and revaluate crucial critical components of their business model.
The legal industry is encountering an era of transformation globally. The changes are diverse and unmistakable. Software solutions are substituting paperwork; trans-national borders are legally getting narrower; economic powers are re-characterising law practices; in-house law departments are driving notable value creation; customer patterns have started to dominate the legal scene, to give some examples.
Furthermore, new jogs of progress in the legal business have developed: millennial lawyers are transforming the work culture; technologists are bringing in artificial intelligence, and General Counsels are functioning as entrepreneurs and not just lawyers. These and other revolutionary changes will be more articulated in the years to come. The changes in the industry are putting pressure on all the stakeholders- lawyers, in-house teams, law firms,consultancies – to react to the change(s) rapidly.
While innovation gradually penetrated the legal industry, it has now started to affect the business models of legal services. Services which rely upon judgement and experience can’t be replaced by technology; however, everything else is “open to change”. Legal research and due diligence can be automated and outsourced through cutting-edge tools mobilising Artificial Intelligence (“AI”). The use of AI software can potentially enhance how all organisations contract – and it will do as such in three different ways: by changing the tools firms use to contract, impacting the content of contracts, and influencing the procedures by which firms contract.
Contract Lifecycle Management tools enable companies to access control over contracts across the company, letting them streamline contract creation, simplify the negotiation process and guarantee that best practices are observed all through the contract delivery process. An affiliated signature solution guarantees that each document gets signed as required, by all relevant parties. Digitization ensures contracts are stored in a centralised repository, data is secured with adaptable security controls, customized approval policies are set up, and that users can use the platform through their favoured medium.
In an undeniably complicated and fast-paced business environment, companies need to evaluate and revisit their business model more often than before. They have to continually change and upgrade their models, particularly amid times of economic unrest and industry changes. Companies need to ensure their business models are lined up with client value (and regularly updated), are logical (they gain knowledge from evolved intelligence), and are versatile (they are empowered by an adaptable working model).
About the Author
Jaspreet Kaur heads global client engagement across all service lines warranting Mind Merchants’ commitment towards catering to latest and ever-growing legal technology solutions. As an in-house Counsel and Head of Operations, she has been instrumental in contributing and facilitating Mind Merchants growth with a focus on delivering best in class legal operation solutions. Jaspreet’s contribution in providing business analytical direction for specific product groups or business objectives in order to improve the total customer experience is pivotal to Mind Merchants.
She works closely with the sales division to help define opportunities and close large opportunities with the right solutions and mapping key value propositions to customers business.
She has been efficaciously and effectively contributing as part of revenue generation group of the company. She brings in her decade long experience and has helped numerous GC’s undertake strategic reviews, efficiency and process optimisations, and technology deployments and managed the successful integration of software. Jaspreet is a change-maker, and highly skilled in identifying and enacting practical solutions to complicated, multi-faceted issues.