All around the world companies are reinventing the way they work on legal. The LegalOps Platform is emerging as a game-changing tool for the future of legal work.
What is a LegalOps Platform?
A legal operations (LegalOps) platform is a cloud-based workspace for everything legal.
It allows members of the legal team and beyond to:
- access and consume legal information
- prepare, review, sign, store and monitor documents
- plan, track and complete everyday legal work.
Who is a LegalOps Platform for?
Organizations having one or more legal professionals in-house benefit most from a LegalOps Platform.
A LegalOps Platform becomes more indispensable the larger the legal team becomes. Smaller organizations may also need a LegalOps Platform if they evolve in a highly regulated or transactional environment. Startups may also find it useful to acquire a LegalOps Platform early on to prevent the building up of legal debt which can negatively impact their trajectory down the road, especially when there is a liquidity event.
What are the benefits of a LegalOps Platform?
A LegalOps Platform offers three main benefits:
- Visibility | Making legal information and progress on legal matters fully available and actionable to everyone within the legal team and beyond.
- Productivity | Organizing the legal function today in such a way that people have less to endure tomorrow.
- Autonomy | Empowering everybody - not just the legal team - to do their part of the legal work.
What are the top capabilities of a LegalOps Platform?
A LegalOps Platform supports the following capabilities:
- Legal information assets | A LegalOps Platform turns static legal records into dynamic legal information assets that can flow through the entire organization and feed all other business functions (sales, finance, procurement, operations, HR).
- End-to-end delivery | A LegalOps Platform unlocks end-to-end delivery of entire legal processes, from intake to negotiation, signature, storage and all the way to reporting.
- Workflow automation and standardization | A LegalOps Platform allows automation and standardization of administrative and legal tasks which fast-tracks the delivery of a legal process while preserving high quality legal work.
- Integrations | A LegalOps Platform connects to external data sources and third-party applications. With integrations, teams continue using business specific applications while centralizing all legal information into one shared workspace.
- Data model plasticity | The data model of a LegalOps Platform adapts to each legal process and is not limited to the law of a jurisdiction or to one legal process in particular. The legal team can run an annual shareholders' meeting, review a supplier contract or close an investment round from one neatly organized workspace.
- Confidentiality and security | A LegalOps Platform ensures a high level of confidentiality and security, safeguarding among others client-attorney privilege.
- Role-based access control | The Head of Legal (or General Counsel) is the owner of a LegalOps Platform. He or she determines which teams or individuals can access which kind of legal assets. A LegalOps Platform states clearly which team or individual has access to what and makes it easy to manage access rights.
- Collaboration with external stakeholders | A LegalOps Platform facilitates the collaboration and involvement of third parties such as lawyers, investors and vendors. Combined with role-based access control, this means the Head of Legal (or General Counsel) has a clear view on which third parties have access to which legal assets.
- Legal spend | A LegalOps Platform provides a clear picture on the external legal spend and facilitates the process of requesting a quote for legal services, tracking the fees and reconciling invoices with work done.
How should access to a LegalOps Platform be configured?
A LegalOps Platform:
- allows everyone within the organization to access legal information
- on a strict need-to-know basis (i.e. only to the extent to achieve their business objectives)
- while letting people from the operations continue using their day-to-day tools.
This can be achieved by:
- configuring access rights through groups so that e.g. each new member of the sales team gains access to sales related agreements only
- integrating the LegalOps Platform with day-to-day tools such as the company's document management system, email client, calendar and chat.
A LegalOps Platform to Drive the Future of Legal Work
The future of legal work is coming fast. Companies are reinventing the way they work on legal through the lens of operational excellence.
Legal teams have a strong desire to achieve more visibility, more productivity and more autonomy in how they run their legal operations. The LegalOps Platform has emerged as a game-changing solution to build an efficient legal function.
With its unique features, Canyon is the most flexible and rapidly deployable LegalOps Platform in the world, empowering legal teams in their shift towards operational excellence.