CGI (CLOC Global Institute) is an annual conference that unites key players in the legal industry to highlight legal innovation and transformation. In this article, I’ll share several major takeaways from my first time attending this year’s conference.
Since ChatGPT first rolled out, generative AI has made waves throughout the legal industry. According to a recent report, 34% of legal professionals are considering using ChatGPT or other generative AI in the workplace. At CGI 2023, multiple sessions explored the potential positive applications of generative AI in legal operations. For example, using generative AI to review contracts, auto-generate legal service requests, and summarizing outside counsel’s invoices.
A critical session was “The Next Frontier of Legal Work: Generative AI” by Mary O’Carroll. In the session, Mary highlighted that because generative AI has already made waves in the industry, it is critical to stay ahead of the curve by learning how to maximize the impact of this new technology early on. One noteworthy assertion was that generative AI will result in knowledge management’s “death.” However, the crowd had split responses on this statement. In fact, many of the Knowledge Management and Innovation professionals I spoke to firmly believed that knowledge management will remain critical to the legal industry, with generative AI only augmenting its’ function.
ELM software solutions help legal departments manage daily operations by providing an automated and centralized hub for various matters. These matters often encompass intakes, matter management, contract management, spend management, knowledge management, legal hold, billing, and analytics capabilities. Leaders in this space include Mitratech and Wolters Kluwer ELM. During CGI 2023, several sessions benefits of implementing an ELM software.
A noteworthy session was “Reaching the Summit on Successful Legal Spend Programs,” by Stacy Lettie, Ryan O’Leary, and Jeffrey Solomon. The speakers discussed how to leverage ELM software to implement a successful spend management program to save legal departments from unnecessary costs. In fact, a Thompson Reuters article found that implementing an ELM software can save legal departments up to 15% of their total legal spend in just the first year of implementation.
According to a recent survey, over 60% of legal departments are in the process of evaluating or implementing a CLM solution. CLM software streamlines the contract process by assisting organizations in creating, negotiating, and managing legal contracts. CLMs have become a critical tool for corporate legal teams to increase productivity and standardization in language and policies to reduce risk. Some popular CLM providers include Agiloft, Ironclad, and Lexion. Many sessions at CGI 2023 warned conference attendees of fatal CLM implementation mistakes and provided advice on how to improve the speed of CLM implementation without compromising efficiency.
A key session was “Building Your Cross-Functional CLM Implementation Team” by Wafik Guirgis, Steve McKean, and Susan Zagorski. The speakers discussed how the disconnect between CLM implementation teams and CLM user teams is one of the primary reasons why 50% of CLM solutions fail to deliver expected benefits. Furthermore, the panel explored how to remedy this pervasive issue in various ways, including enabling change champions to drive adoption. Since I wasn’t personally familiar with CLMs, it was informative to learn about this rapidly growing technology.
In conclusion, CGI 2023 offered valuable insights into the latest obstacles and trends in legal operations. For more information, check out the presentations highlighted in this blog post for additional insights and takeaways.
Courtroom Insight is a proud partner of many companies of the represented at the conference. We aim to continue improving legal professionals’ knowledge management and research efficiency through our solutions. To learn more about how Courtroom Insight can benefit your practice, visit our website here.
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