March 25, 2019
At a time when in-house counsel and legal departments are facing operational challenges and AI applications are on the upswing, Natalie Munroe, Head of Osler Works — Transactional, tells Canadian Lawyer that legal departments and law firms must “weigh the cost benefit” when deciding on implementing new technologies. In his article, author Luis Millán explores the uptick in AI integration among in-house counsel to help solve problems. This extends to in-house departments’ expectations of law firms. Natalie says that it’s important for legal departments and law firms to take a client-focused approach with respect to providing legal services.
“You actually have to take a step back and look at how you are providing legal services and how you want to transform it,” Natalie tells Canadian Lawyer. “And then figure from a people process and technology perspective what makes sense.”
Natalie says that one important consideration relates to cost, and that “even an e-signature tool can be expensive depending on the number of users and number of licences one has to obtain.”
“Any technology you’re adopting comes at a cost and therefore, you have to weigh the cost benefit and the revenue you can generate or potentially the FTE [full-time equivalent] you can decrease to make sure it makes sense from a cost perspective,” Natalie tells Canadian Lawyer.
Osler’s in-house Osler Works – Transactional team collaborates with both clients and vendors to create customized legal solutions that evolve with clients’ needs. The group uses streamlined processes and a number of technology platforms, including Kira Systems, Relativity, Closing Folders, DocuSign and Contract Express, to deliver transaction services that best serve our clients’ business and bottom line.
For more information, read author Luis Millán’s article “Sizing up AI for in-house” on March 25, 2019, in Canadian Lawyer.