Ahead of The Lawyer’s In-house Financial Services conference, Tsys lead counsel Solomon Osagie weighs in on how technology can provide a valuable link between in-house legal and compliance teams in The Lawyer’s latest banking and finance special report.
“There has been a huge interest in legal technology in the areas of management of work-flows; discovery and disclosure; and corporate and company secretarial work.
We have seen the emergence of legal tech firms with lawyers jettisoning legal practice for what they see as a growth area. Technology has its advantages: we are now able to communicate within the workplace via a multitude of formats (email, instant messaging, video calls, SharePoint sites, etc), and technology conferences can replace face-to-face meetings.
Encouraging collaboration is easy. The organisational challenge is now to ensure that these tools are effectively used and crucial information is not buried in with the mundane.
Teams have to consider what is being shared and ensure the correct individuals are involved throughout the process.
However, I have my doubts as to how much this industry can grow for the in-house community. The majority of organisations do not have the resources to invest in what is in truth huge capital, and this is what the main challenge is.
Read the full report here.
The Lawyer’s Financial Services conference on 5 July brings together in-house legal counsel and compliance professionals from across the Financial Services sector to share what is at the top of their horizon scanning radar and to discuss the practical implications of the regulatory changes the industry is currently facing.