According to CIO Applications Europe, a media published in Silicon Valley that provides knowledge network for CIOs (Chief Information Officer). Day One is ranked amongst the best “Top 10 Legal Technology Consulting/Services Companies” of 2019.
As far as we know, the legal market is one of the traditional one. But today, with the rise of legaltech and AI (Artificial Intelligence), lawyers can focus on their initial functions .Which is analysis and give up their subtasks to the digital.
From the CLOO (Chief Legal Operations Officer) to legal technology service providers. They have impacted the way of working of lawyers and compliance officers.
Olivier Chaduteau, managing partner of Day One, made a statement with CIO Applications Europe. This about how Day One support Corporate and PSF (Professional Services Firms) companies since fifteen years.
Legal departments often lack the capability to broaden their scope of involvement. In certain functional areas within enterprises. Primarily due to how underequipped they may be .—In terms of resources and expertise— to holistically mitigate or resolve legal issues and maintain conformity with stipulated regulations. Given how digital transformation has fostered rapid evolution of enterprise processes, compliance, and legal landscape.
The only way to scale and stay abreast of change is to have sound legal-tech stacks and experience in ideally leveraging them. It’s all easier said than done. To this end, Day One, with its legal-tech expertise and strategic management knowledge, is helping enterprises proactively safeguard their legal and compliance stance. “We bring to the table a mix of expertise, experience, judgment, culture, ethics, innovation and technology to bring about a paradigm shift in the legal and compliance realm,”. States Olivier Chaduteau, Managing and Founding Partner of Day One.
The “paradigm shift” that Chaduteau refers to is the VTC (Value, Technology, and Collaboration) revolution, as a result of digitization. In today’s dynamic enterprise scenarios, legal professionals have to focus on creating value for their clients (or companies) and demonstrate it. Day One, through its offerings, amalgamates ML, natural language processing (NLP). But also, human collaboration, strategic organizational design and Robotic Process Automation (RPA) to make the work of legal practitioners easier and swifter.
The company’s services help legal experts to analyze, manage, and review huge amounts of data as contracts, documents. But also legal clauses in a short period. This, in turn, reduces the cost by decreasing the time taken to generate analysis reports and benchmarking… thus value. Another crucial aspect of Day One’s offerings is the Legal Tech Index, which includes metrics regarding legal tech, mainly for analysis. It is provided for free to have a more in-depth insight into various legal technologies “out there” and Day One helps implement them for its clients, as per their requirements and their business and operating model.
The company carries out digital diagnosis and performs task analysis of their clients’ lawyers to roll out six different strategies (push analysis).
“We bring to the table a mix of expertise, experience, judgment, culture, ethics, innovation, and technology to bring about a paradigm shift in the legal and compliance realm.”
Day One determines whether the task has to be stopped or continued. If not, then whether it has to be pushed down or delegated to a legal assistant. The third strategy can be to push away the responsibility and delegate it to an internal client. Another option is to push out the receivables for further analysis through segmentation. The company also decides if the task requires digitization or requires another tool to transform associated workflows. The last one is “pull in” which helps determine what needs to be back and manage by the legal team as it creates value and mitigates risks (legal and regulatory watch, lobbying, knowledge sharing, innovation…). These strategies help review every aspect of the legal operations and bring more value to clients.
They also save each lawyer two hours per week, at least, that ensures continuous improvement. Day One’s services function by using the Carnegie Mellon maturity scale to determine its impact and operability, which is process and interactionoriented, to benefit all the stakeholders involved.
Having successfully catered to several professional service firms and organizations, Day One is planning to widen its market presence by going international. Through effective consulting services, the company is focusing on accelerating the way it rolls out its solutions. They are also moving ahead with innovations to implement ML,NLP and Business Intelligence tool (BI) into consulting more efficiently, to accelerate the legal and compliance operations. “Day One, with its novel approach as consultants, in the way it generates reports, data, and recommendations, is paving the way for enhancing the value it can bring to its clients,” concludes Chaduteau.