Our conversations with legal and compliance clients reveal that many are confronting issues in three areas:

Increasing strategic and matter-specific demands on their departments driven by rapidly changing challenges and obligations and exacerbated by COVID-19. The resulting call to do more with the same or fewer resources highlights the need for greater focus on transformation—advanced contract lifecycle management being a prime example.

Accelerating financial crime risk and related regulatory requirements for financial services institutions and fintech organizations driven by increasingly tech-savvy bad actors, rapidly expanded technology use by authorities, shifting political landscapes, and growing adoption of new technologies and data analytics by all related parties.

More complex business and marketplace issues requiring expanded AI capabilities. Hurdles faced often include the inability of current legal and compliance infrastructures to keep pace with changes; a shortage of in-house resources to implement needed systems; and the management of high volumes of structured and unstructured data.