In this article, Robin Snasdell, managing director at Consilio, discusses the concept of “new law,” how technology is transforming various legal processes, and where improvements can still be made in the future.
When we’re looking at opportunities that would fall under “new law,” we tend to focus on legal service delivery models that have not been improved in years – ones that still rely on human muscle and labor but where there’s actually something about the process that lends itself to technological enablement. As an example, we’re seeing many clients needing to repaper old agreements and legacy contracts. There are a number of reasons why they have to repaper them, but one of the biggest right now is that many financial institutions have their loan agreements tied to one of the interbank offered rates – the London Interbank Offered Rate (LIBOR) being the most common.
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This article originally appeared in the March/April 2021 issue of Corporate Counsel Business Journal Magazine.