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As the world becomes more digital and the volume of critical data flows continue to expand, how can legal firms ensure their data stays secure?
The continuing digital communication momentum and the much more rapid pace of globalization today often create specialized legal challenges. The rapid increase in global business interactions, varying regulatory laws, business practices, and cultural customs of international partners and competitors are confounding and often frustrating to participants. The impact of all these concurrent trends is driving the volume of cross-border litigation up, and necessitates that corporate general counsel in global enterprises, and large law firms find the means to perform the critical functions related to manage the unique requirements of legal eDiscovery in these particular scenarios.
As we consider and look at the various forces impacting the legal industry today, we see several ongoing trends which are increasingly demanding more attention from both inside and outside counsel. These forces are:
- The Digital Data Momentum
- Increasing Concern for Data Security
- The Growing Importance of Information Governance
- Increasing Globalization
How can legal firms respond?
The worlds of Mergers and Acquisitions (M&A) and cross border litigation are volatile ones. Flaws in a data or content translation supply chain, and assistive technology, can impact a deal or case, pushing a merger or creating untenable footing for a legal counsel, and their clients, or in the court of law.
In 2012, the Rand Corporation found that an eye-watering 73% of e-discovery costs are attributed to document review alone. Identifying, collecting and processing data each have their own challenges, and the manual processes behind these tasks are equally daunting in any given case.
In the era of big data, where new sources of discoverable content appear daily, eDiscovery has its golden moment to marry up with technologies that take away the sheer time and cost involved in electronic discovery for legal proceedings.
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