Document automation tools helps legal departments overcome challenges associated with creating legal documents manually. However, misconceptions about automated processes discourage legal departments from implementing them. In this post, we debunk 5 myths about document automation so that you can take full advantage of it to focus on what matters most.
Legal Operations need a standard way to assess the cyber-security of third party vendors, including law firms & technology providers, that according to CLOC. In a post-conference report by CLOC (Corporate Legal Operations Consortium), it was noted that legal operations’ knowledge of cyber-security is typically limited. They emphasised that when talking about corporate legal operations and cyber-security, it’s not only about data housed in the company itself, but also data that travels to third parties, such as external law firms.
As Legal Counsel, you are a key player in your company’s data protection processes. Whether you work alone or in collaboration with Compliance and Data Protection Officers, it is imperative you manage your company’s legal information to minimise legal risk created by cyber attacks and data breaches. Data breaches not only affect your company’s bottom line, but if regulators and shareholders find that you breached various fiduciary duties by not mitigating known data security risks, you may also be at risk of personal liability. Therefore, GCs need a clear understanding of what makes them vulnerable so they can mitigate their risks and avoid liability.
Data security is a growing focus for companies and it is no longer just an IT issue. According to a Legal Week Intelligence report, nearly 50% of General Counsel say planning for cyber-security incidents and responding to breaches is now part of their job – a figure that is likely to go up as the role of the GC expands as risk manager and advisory to the board. In a previous post we covered how GCs are increasingly viewed as leaders in the C-suite – and with that comes added pressure to take on a more proactive leadership role.
For companies operating several departmental databases, there is the prevalent issue of decentralized contract management whereby contract information is scattered around the buisiness. And should a potential investor come along or a merger take place, that issue becomes a big problem – especially for the legal department. This very well could have been the case for Elisabeth Hondius, legal head of biopharmaceutical company, MSD. She recalls how she used to have enough difficulty finding information as it was before her company merged with another. A familiar plight for in-house lawyers everywhere, she says many departments would manage their own contracts, giving her little insight and control.