Risk & Compliance
Whilst fully automated legal analysis is still some distance away, a number of notable applications are already available—and some impressive commercially available functionality within a few years is highly realistic. As law firms start to incorporate within their practices machine learning and AI tools, discussions between providers and clients will and should include questions around both reliability and liability.
Customers are used to accessing their information 24/7. Banking is now more likely to be done in front of a boxed set than in branch. This has created massive operational savings while giving customers a better experience. The technology to capture information through chatbots and provide client updates through a web portal is readily available, so is there any reason law firms can’t encourage people to Netflix and claim?
Leading international law firm to use FileTrail GPS to manage records retention, apply client requirements across information repositories.
FileTrail today announced that Akin Gump Strauss Hauer & Feld LLP, a leading international law firm with more than 900 lawyers globally, has adopted FileTrail GPS to support its information governance program. Akin Gump will use FileTrail to control information across the firm's data repositories in line with its information governance policies, as well as its clients’ outside counsel guidelines.
Following an article in this weekend’s Daily Mail, which reported how the authorities are “stretched to breaking point by a barrage of new deadly threats” and suggested that lawyers, accountants and estate agents could be doing more to report suspicious activities.
Which one is right for you?
Nobody in the legal sector is denying the importance of cyber security. Protecting the sensitive data your firm holds on behalf of its clients is essential.
It's an established fact that the threat from cyber criminals is increasing and evolving rapidly, and law firms are responding by prioritising cyber security. In fact it is now the sector's number one technology investment area.
Over the last decade, we have undoubtedly seen a growth of digital and an increase in electronic communication. Considering this, it surprises us that the average UK office worker still uses 50 sheets of paper per day in unnecessary printing and photocopying. So, how can businesses actually reduce the amount of printing and photocopying that takes place daily?
Top 50 UK law firm Shoosmiths LLP today announced they have moved onto the iCompli Records Management and Information Governance platform by LegalRM.
Following a thorough selection and testing process, Shoosmiths have implemented iCompli for their 1,650 staff across their network of 12 offices.
"We've never been hit by a cyber attack, why do we need additional security measures?"
It's tempting to think that because your law firm hasn’t felt the full impact of a cyber attack, you’re not at risk, especially if you've already invested in security. But the threat landscape is changing, and there are many reasons to review the measures your firm has in place.
1. Every time you look, the threat gets bigger
Under the General Data Protection Regulations (GDPR), organisations may be fined up to €20 million, or 4% of the total worldwide annual turnover of the preceding financial year, whichever is higher. In January 2019, the French Data Protection Authority fined Google €50 million for GDPR violations. When the European Union’s GDPR went into effect in May 2018, many organizations feared heavy fines based on GDPR violations. Big headlines such as the fine issued against Google reinforced this perception.
Every organisation has contracts, but not every organization adequately manages its contracts. And while the nature and complexity of these agreements can vary widely, careful governance enables organizations to maximize their value and limit their exposure. On the other hand, contracts that are administered poorly—or not at all—tend to leak revenue, drive costs upward and become cautionary tales of unfettered legal and compliance risks.