Lex Connect Curated Reading List
Fear not, we have curated the best Legal Operations & Legal Technology blog and articles.
Enjoy your 30 minutes power reading.
Following our review of the $260,000,000,000 total cost of regulatory transgressions, we now take a look at what the actual fines are and what the future holds?
On September 2, 2014, the Office of the Comptroller of the Currency finalized its risk governance framework for large banks and thrifts (“Guidelines”) that was proposed in January 2014. The Guidelines formalize the heightened risk management standards that the OCC has been communicating through the supervisory process for several years, but do so somewhat more flexibly than the January proposal (“proposal”) did.
Preceding the last 10-15 years, the asymmetry of information between the legal consumer and provider was so large that most-if-not-all major consumers heavily relied on relationships to decide upon, and value, legal purchases. The gap has narrowed in recent years, however, as major law firms have been the branches from which corporations and banks and other large-scale entities have been plucking their increasingly-savvy GC’s.
Typewriters, typing pools, and even quills may soon return to companies’ legal departments if the current incumbents are to be believed. Data from aCEB Legal study on in-house legal technology showed that lawyers are not satisfied with the returns on their technology spending.
At last year’s LegalTech West Coast Conference, D. Casey Flaherty, Kia Motors America’s in-house counsel, made the provocative assertion that many lawyers are technologically incompetent, and this incompetence leads to wasted time and money. In an attempt to address this, Flaherty developed a legal tech audit (LTA) designed to test basic competencies in working with PDFs, Word documents, and Excel spreadsheets. Flaherty first administered the audit to nine outside counsel firms. According to Flaherty, all of them failed spectacularly.
Since 2004 The Cowen Group has been tracking and reporting on critical trends, evolving trends, and what’s next. We do this in an effort to elevate and accelerate the careers of the executives that we work with in this constantly evolving eDiscovery and information governance space.
Last month ILTA released its 2014 Knowledge Management Survey Results published in the July 2014 ILTA KM White Paper. The survey revealed that for the first time since the survey began in 2008, use of social collaboration tools has started to gain real momentum within law firms. Organisations report their lawyers’ use of social tools including blogs, wikis, discussion forums, team sites and internal social networking tools have all increased by 20% or more from the previous survey in 2012. The primary use of these tools is to aggregate legal knowledge and resources on particular topics.