Last week, we got the opportunity to learn from Sandeep Chowdhury and Shashwat Sikka during the first session of an ongoing series called "The LawTech Series".
Click here to watch a full recap of the session.
During the event the panelists took a deeper dive into the role of technology in future-proofing in-house departments. How the role of a general counsel is evolving from just being a legal counsel to someone who has a seat at the table and is required to have a business centric approach to key challenges.
How visionary general counsels assess and mitigate challenges in their operations using technology. Exploring the different layers of these key challenges that come to surface upon further assessment.
The pandemic impacted everyone and everything around, in its own way. Sandeep and Shashwat touched upon the challenges and opportunities brought upon by the pandemic. How enterprises are preparing themselves for the long haul and the change in perception towards technology brought upon by the pandemic.
Sandeep Chowdhury: Key Highlights
“The role of the general counsel has changed from … being someone who only recommends management on legal matter … to now where general counsels are becoming someone who have seat at the CXO level”
Before the pandemic there was a specific way of working, especially in the legal function. It was more of an excel driven working style where you manage your contracts and litigation through that excel sheet.
Now think of a scenario where a litigation is going on or there is an important contract you have entered into with another party and there is a dispute or probability of a potential dispute. It becomes a nightmare to get hold of the documents especially if the execution is taking place offsite. Getting hold of those documents becomes a great challenge. Another challenge to then go through the documents finding relevant insights to highlight to the management.
I think it's a nightmare and I think most of the counsels have faced a similar situation.
Shashwat Sikka: Key Highlights
“The first wave when it happened … nobody was able to execute contracts and that was pretty much global, not just us in india … companies have now started realizing the benefits of digital execution”
Technology has never been simpler. If you look at the developments that have happened in the last decade, especially in B2B enterprise software, the advent of cloud computing, the number of applications available and the amount of new software development taking place. All of it is happening at such a breakneck speed.
Today we have weekly releases because that is the pace at which the industry demands development. If we stop doing that, we will be left behind.
Had the pandemic happened 10 years back, it would have been a really hard situation to tackle. We were not ready as an industry.
From an industry overview, what we have observed in the last year and a half is that the changes are pretty much across the board. Everybody has understood the relevance and the importance of technology and everybody is now looking at this thing very very seriously
Thanks for joining us and going through the highlights.
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