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In today’s fast-paced, highly competitive landscape, successful business strategies are those that are efficient by nature. Automated document redaction software is just one tool organizations can use to make the cut, and offer numerous benefits over the conventional way of doing things. This article will explain the importance of redaction in detail, the challenges usually associated with the process, and how digital tools can solve them.
A legal marketplace has many advantages for buyers in need of legal services. Think of it as a platform like Zillow: You can put in a variety of criteria to perform a search, and then analyze the results and find exactly what fits your needs, whether that is a certain price, location, type of transaction or almost any other data point you would want to use. Companies searching for legal services on Priori Marketplace can find lawyers on our network to handle almost any kind of project. The most common needs fall into four main categories:
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Project based support, whether niche expertise, local counsel or simply searching for cost-effective alternatives
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Overflow support for high-volume company work (commercial contracts, NDAs, healthcare agreements, employment matters, marketing and advertising, data privacy and security, etc.)
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Staffing support, including secondments
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Supporting outside counsel diversity and inclusion initiatives
If your legal department is looking to hire outside counsel, you might be wondering what finding a provider on a legal marketplace looks like, and what the advantages are compared to your other options. Using a legal marketplace is as easy as performing a search. Learn how it works in this article.
Wondering how innovative companies are using legal marketplaces to achieve their outside counsel goals? Our latest blog post takes a deep dive into Anchorage Digital’s use of Priori to find the right outside counsel and manage their legal spend. Check it out on the Priori blog.
For many legal departments, the outside counsel selection process still relies exclusively on word of mouth referrals. In fact, 47.4% of legal operations professionals say they have no formal process for hiring outside counsel, according to The Blickstein Group’s 15th Annual Law Department Operations (LDO) Survey Report. The report comments that “the methods used to engage outside counsel remain rooted in the past,” which is “extremely problematic.”
It makes sense that many attorneys aren’t taking advantage of outside counsel data and technology-driven procurement processes—the old saying “if it isn’t broken, don’t fix it” still rings true for many people. However, legal departments that are pursuing these avenues are often able to achieve ambitious cost-savings, time-savings and diversity goals. Priori’s Marketplace and Scout platforms offer ways to leverage data and technology to make the outside counsel hiring process seamless.
When it comes to legaltech, the term can have different meanings to different people. At its most fundamental level, it means technology used by attorneys and other professionals in the legal industry to get work done. At Priori’s recent webinar, “Building a Tech-Powered Legal Practice: Myths & Questions About Legal Technology,” our Marketplace Network Director, David Drew, Ashley Carlisle, Corporate Attorney & Head of Marketing at HyperDraft, and James Sherer, Partner, Co-Chair Emerging Tech Team at BakerHostetler, dug into the different ways technology is used in the industry and shared advice for attorneys interested in streamlining their processes using legaltech. Here are some of the highlights from their discussion.
Legal organizations are continually seeking ways to reduce their eDiscovery spend, manage eDiscovery processes more efficiently, and accurately forecast their legal budgets. Metrics play a significant role in achieving those goals.
A few months ago, we were mesmerised by DALL·E 2’s ability to generate realistic images and art based on short descriptions. Now the people behind DALL·E 2 have gone viral again with the launch of ChatGPT.
Both DALLE and ChatGPT highlight the advancements in generative AI. Compared to predictive AI, generative models have impressively fluent results, however, their quality is harder to assess. How do we know if a blog generated with ChatGPT is correct or if it’s accurate? Most of the output is fluent, and tangentially relevant, however these systems are inherently unreliable, making errors of both reasoning and fact.
While machine translation models are inherently predictive, where both accuracy and precision are expected, generative models like ChatGPT can open up new avenues for translators and the localization industry.
The cost of creating content will drop, which means that even more content will be created. This creates a need for linguistic services for revising, adapting, and certifying the AI output. The concept of Machine Translation Post Editing will expand into linguistic validation, cultural adaptation, tone adjustment, fact checking and bias removal.
Another application is generating shorter or longer examples of the translation to help with formatting in-context. It is clear that NMT models will be complemented by LLMs for improving fluency or offering value added services like content insight.
While ChatGPT isn’t quite there yet – it’s certainly raised interest in conversational AI and the possibilities around the technology. But, is it going to transform the translation industry? No – it still has a long way to go. And until then it’s important to remember that only a robust, secure, and adaptable NMT solution can be trusted if you’re looking to engage with global audiences.
Depending on where you look, a coming recession is either inevitable or just very likely. One thing is clear: Economic uncertainty will be a fact of life in 2023 and it will affect just about every industry, including legal services. Looking ahead, “new law” solutions that offer flexible resourcing, such as legal marketplaces, may help fill many of the gaps that companies will experience during this uncertain future.
To get a full picture of the current legal services market, you need to look back to the current economic downturn’s precursor, the Great Resignation, during which employees left the legal industry in record numbers. For law firms and corporate legal departments alike, the result has been vacancies that are taking too long to fill in the face of a workload that is as busy as ever, despite fewer resources to rely on.
So, what is the impact of the Great Resignation and economic downturn on the legal industry, and how will those trends fuel the rise of alternatives to the traditional law firm model? For many companies, one answer to the current predicament has been to turn to legal marketplaces, staffing firms or alternative legal service providers (ALSPs) to address their needs quickly and cost-effectively.
Are you ready for a Contract Negotiation and Contract Management game-changer?
Discover how contract auto-redlining within CobbleStone Contract Insight can streamline AI-based contract drafting and contract negotiations collaboration. https://www.cobblestonesoftware.com/blog/boost-ai-based-contract-negotiations-with-cobblestone-auto-redlining