The client, a large investment bank, had a mandate to set up a specific initiative exploring Legaltech as part of the broader bank innovation lab. This involved both training and providing staff with an understanding of developments in this area, a manner in which use cases and proof of concepts could be facilitated, together with the change management required for such ideas to be turned into “business-as-usual”.
What We Did
We provided the client with D2LT solution accelerators highlighting the different areas of focus within legaltech and innovation. Based on this, we facilitated the set-up of a Legal Services Innovation Group and development of an agreed terms of reference and framework within the legal function, and with key bank stakeholders.
A series of workshops and seminars were held to the flesh out these areas of innovation and provide the starting point for staff to identify and develop use cases.
This involved close collaboration with law firms, technology vendors and professional bodies such as The Law Society and ABA.
Some 12 months later, this has resulted in:
- 15 priority use cases being identified
- 3 POCs completed, across “Business Self-service NDAs”, “Legal Process Management” and “Document Digitisation / Search”
This initiative has thrived, building an ecosystem between the client, law firms and technology vendors, as well as enthusing and empowering staff in respect of the firm’s approach to innovation.