How Legal Operations and Technology Are Reshaping Law Departments

Stephanie Lopes, Volt’s Chief Legal Officer, discussed how legal operations and technology are reshaping law departments in an Artificial Lawyer interview. Lopez will be appearing on the “Contract Management Reimagined: Navigating the New AI-Enhanced Landscape” panel at the Legal Innovators UK conference in London on November 7, 2024.

In the interview, she highlighted how Volt, an open banking payment company, has transformed its operations by implementing advanced CLM tools. Lopez noted that CLM’s analytics and reporting features have streamlined operations and reduced contract turnaround times while providing valuable insights for process improvement.

Balancing the adoption of new technologies with risk management is a strategic priority for Lopes. “Our process begins with a thorough assessment of each technology’s alignment with the legal team’s long-term objectives and specific challenges we aim to address,” she said. 

Her team carefully assesses tools to align with long-term objectives, emphasizing data security and regulatory compliance. By piloting new technologies before full implementation and incorporating feedback, they mitigate risks while ensuring smooth integration through comprehensive training and change management strategies.

She emphasized the key factors in selecting legal tech tools, such as scalability and flexibility, integration capabilities, user experience, compliance, and security. Her team assesses return on investment not just by cost savings but by improved efficiency, decision-making, and the tool’s ability to support Volt’s legal services.  

Looking ahead to the next five years, Lopes said, “Legal operations and technology are set to fundamentally reshape the functioning of law departments. We anticipate a significant shift towards automation and AI-driven tools that will manage routine tasks, such as contract review and compliance monitoring.” 

She anticipates that this shift will elevate the role of legal teams as proactive, strategic partners within organizations. Legal tech will facilitate better collaboration with business units, and integrated platforms will improve visibility and communication, positioning the legal department as a proactive and trusted partner in achieving the organization’s goals.