In the rapidly evolving world of legal tech, staying ahead of the curve is essential for any legal department aiming to drive innovation and efficiency.
We're thrilled to present an insightful interview with Stephanie, Chief Legal Officer at Volt, who brings over a decade of experience from her time at Bird & Bird London.
She has played a pivotal role in navigating the complexities of data commercialization, governance, IT, and technology, and now leads Volt's legal team at the cutting edge of open banking payments.
In this interview, Stephanie shares how Volt’s legal department is leveraging technology to transform its operations, from implementing advanced CLM tools to balancing the adoption of new technologies with strategic risk management.
With her upcoming appearance on the panel "Contract Management Reimagined: Navigating the New AI-Enhanced Landscape" at Legal Innovators UK, Stephanie will also add to the conversation on how GenAI is reshaping Contract Lifecycle Management (CLM) systems, enabling legal teams to streamline operations, enhance decision-making, and optimise self-service platforms.
Until Legal Innovators UK, we hope you enjoy our first speaker interview as Stephanie offers a deep dive into the future of legal tech and the evolving role of in-house legal teams.
How is your legal department leveraging technology to drive innovation and improve efficiency? Can you share a specific example where legal tech has significantly impacted your operations?
Our team is committed to leveraging technology to drive innovation and efficiencies not just for the legal team but the wider business. One significant example is the implementation of our contract lifecycle management tool. We have automated workflows from creation of a contract to execution, enabling the legal team to reduce contract turnaround times. The analytics and reporting features of the tool provide us with key insights that enable continuous process improvement and ensure alignment with the organisation’s broader strategic goals.
As an in-house leader, how do you navigate the balance between adopting new technologies and managing the risks associated with them?
Balancing the adoption of new technologies with risk management requires a strategic and methodical approach. 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. Critical to this evaluation are factors such as data security, compliance with regulatory standards and the potential impact on our existing processes. We mitigate risk by starting with pilot programmes, allowing us to evaluate the technology’s performance on a smaller scale before full implementation, this is done in conjunction with our commercial team. This approach not only helps us manage potential risks but also allows for adjustments based on feedback. Further, we prioritise comprehensive training and change management strategies to ensure a smooth integration, thereby maximising the benefits while minimising disruption.
When selecting legal tech tools, what are the key factors to consider? How do you assess the return on investment, and what criteria do you use to ensure these tools meet your department’s needs?
Key Factors:
1. Scalability and Flexibility – the tool must be capable of scaling with Volt’s growth and adapting to different types of legal work and can be utilised by other departments, e.g. reporting, compliance etc.
2. Integration Capabilities – seamless integration with our existing systems, such as compliance platforms is essential.
3. User Experience – an intuitive, user-friendly interface is critical to ensure quick adoption and effective use by the business.
4. Security and Compliance – High standards of data security, regulatory compliance
5. Cost and ROI - To assess return on investment (ROI), we examine both quantitative outcomes, such as cost savings and time efficiencies, and qualitative benefits, like improved accuracy, empowering teams within Volt, and enhanced decision-making capabilities. We also consider the tool’s impact on our ability to deliver legal services effectively and its alignment with our department’s evolving needs.
How do you foresee legal operations and legal tech changing the way law departments work in the future?
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. This automation will allow legal professionals to concentrate on higher-value activities, including strategic planning and risk management.
Moreover, the consolidation of various legal technologies into integrated platforms will enhance efficiency and improve visibility across legal processes. These advancements will enable legal departments to operate more proactively, contributing directly to business outcomes and driving value. As a result, legal teams will increasingly be viewed as strategic partners within their organisations, playing a crucial role in achieving business objectives.
How do you envision the role of legal departments changing over the next five years? What role do you see legal tech playing in this transformation?
Over the next five years, the role of legal departments will evolve significantly, with an increased emphasis on their strategic value to the business. Legal tech will be at the forefront of this transformation, enabling departments to automate routine tasks, streamline compliance processes, and provide data-driven insights that inform business decisions. The widespread adoption of AI and advanced analytics will allow legal teams to anticipate and mitigate risks more effectively, shifting their focus from reactive to proactive legal management. This shift will enable legal professionals to deliver more strategic counsel, directly contributing to the organisation’s success rather than simply managing legal risks.
How has the adoption of legal tech tools impacted your relationship with internal stakeholders and business units? Have these tools facilitated better communication and collaboration within the organisation?
The adoption of legal tech tools has significantly enhanced our relationships with internal stakeholders and business units. By automating and streamlining processes such as contract management and legal spend tracking, these tools have enabled us to deliver more efficient and effective legal services. This has fostered greater trust and collaboration between the legal department and other parts of the organisation.
Furthermore, the use of integrated platforms has facilitated better communication by providing real-time access to legal information across the organisation. This transparency has led to improved alignment between legal and business objectives, positioning the legal department as a proactive and trusted partner in achieving the organisation's goals.
For legal departments that are hesitant about adopting new technologies, what advice would you offer? How can they overcome resistance and effectively integrate tech solutions to enhance their legal operations?
For legal departments hesitant to adopt new technologies, my advice is to begin by clearly identifying the specific challenges and inefficiencies that technology can address. Start with small pilot projects to test the impact of the technology in areas where it can provide immediate benefits, such as contract management or compliance. To overcome resistance, involve key stakeholders early in the decision-making process and provide comprehensive training to ensure smooth adoption. Emphasise the long-term benefits, including increased efficiency, reduced risks, and enhanced strategic capabilities. By framing technology adoption as a critical step toward achieving broader business goals, you can help shift the focus from resistance to opportunity, making integration smoother and more successful.
Blog Credits:
Editor: Alexandria Cordova, Marketing Executive
Content curated by: Suditi Sinha, Senior Event Producer and Phoebe Simpson, Event Producer
Graphics: Charles Kabunga, Graphic Design Executive
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