Today’s general counsels are in a different position than ever before. What do they want to work more effectively?
In a fast-paced world of business, new roles appear every day and job descriptions have changed rapidly from what they were even just a few years ago. The role of a general counsel is an excellent example of this—often much broader and more difficult than it was in the past.
With GCs being a crucial part of the business but also in an ever-expanding role, working more efficiently while using the right tools is necessary. So, what does the modern GC want?
1. Innovation in Technology and Business Tools
As a younger generation moves into GC roles, more and more are looking for technology to be incorporated into their everyday processes. Even GCs who have been in their roles for years now are looking for ways to help their teams work faster, which translates to wanting more technology integrated into their processes. But it’s not just about any technology—GCs want the right tools for their teams that meet their specific needs. That looks like platforms that are created with Legal in mind so that the organization moves forward strategically as a result.
As AI becomes a growing part of the legal conversation, many GCs are looking towards this and other machine learning tools to eliminate processes that no longer have to be done manually. Working smarter means removing any work that isn’t absolutely necessary, and with AI technology increasing every day, for GCs this means putting these innovations to work. As these tools improve and become more widespread, expect more and more legal teams to adopt such processes.
2. Efficiency and Project Management
What’s the motivation behind wanting these new tech tools? Efficiency. Legal teams are busy and don’t have time for repetitive or manual tasks. Furthermore, allowing team members to move away from these mundane parts of their job increases the creativity and strategic thinking that happens around their roles.
Legal projects are numerous with many going on at once. Keeping up with the different timelines and due dates is critical to a streamlined team. Again, GCs are turning to technology to manage their teams’ projects, whether it’s through a project management-specific software or a platform to manage their contracts.
3. Timely Risk Prediction and Management
Every GC would love to be able to perfectly predict any risk coming down the line. But alongside the need to manage risk is also the need to work more quickly in today’s fast-paced business world. With legal cases a hot topic in the news and social media around every corner ready to jump on a story, mitigating risk is a critical focus for legal teams. Yet being able to create a risk analysis that is concise and has a fast turnaround is more beneficial to most customers today than an in-depth assessment that takes weeks or months to deliver. More legal departments are seeing the benefits of working fast while maintaining the high standard of compliance they know.
4. Metrics and Tools to Track Them
As technology grows, so does the ability to better track work and business benefits. Management wants to see data that shows the profit of teams and their key focus areas. It’s not just management, either—GCs want to be able to prove their value and point to their work to position their teams as strategic leaders. Having tangible, easily trackable metrics go a long way towards that positioning.
One way to track these metrics? Through a contract management platform. Contracts are an essential part of every organization and contain key analytics across departments and teams. Having visibility into these metrics through a contract management platform helps the legal team showcase their value across an entire business.
With today’s companies moving at a faster pace and incorporating technology into every aspect of their business, GCs are at the forefront of creating change. Finding and incorporating these tools can help launch the legal industry into leading the way to the future of business.