Legal technology

See: IT strategy

Addressing the barnacle risk

Strategic over tactical: When drafting and updating templates *always* prioritise strategic over tactical. Say a new regulation has been introduced (I mean, just imagine!) which poses the question whether an existing form should be updated:

• really, does it? Challenge whether any change is necessary
  • on economic grounds (could we lose money? How much? Realistically, how likely?)
  • on regulatory grounds (could we be in breach of the law? What are the consequences?)
  • on reputational grounds (could this affect the firm's franchise? How?)
• If the issue is important look to do so in a way that shortens and simplifies:
  • take out specifics and render them as general statements
  • remove optionality and complexity – this is a tech and management imperative.