We can't think of webs more tangly than the ones showcased in the sober environment of a court room. Enterprise CMS giant Open Text leaps into messy matters of law with LegalKEY Risk Indicator, a new solution that helps analysts better identify high-risk conflicts of interest.It would be naive to imagine conflicts of interest only pop up in the raw jungle of law. We experienced the dangers of this legal hazard when we fell for our best friend's sweetheart at blooming thirteen.
If in youth conflict of interest can get us into nasty trouble, how much worse for the inattentive enterprise with many, many "best friends" indeed? Thank heaven for the promiscuous superhero Open Text, whose solutions of late involve everything from utilities to the defense sciences. In the case of RedDot, they even give makeovers.
Open Text demonstrated LegalKEY at a user group community meeting in San Francisco. The solution best suits large firms and those experiencing a merger, as such firms need the quickest way to find and manage high risk conflicts amid a massive number of variables.
Open Text Legal Solutions bizdev manager, Mohit Thawani, elaborates: “With law firm mergers now commonplace in the legal industry, the volume of data that a broad conflicts search generates can be overwhelming to both the firm’s attorneys and the conflicts staff. LegalKEY Risk Indicator is the only solution available today that helps users identify potential conflicts without delay, as defined by the firm’s risk threshold matrix."
With LegalKEY, law firms can set up something called a "risk matrix" and categorize different situations based on degree of risk potential. This helps conflict managers identify such hits as they appear. High risk criteria gets indexed in real-time and can appear at the top of the conflicts report so attorneys don't have to dig for the most critical information in the few moments they have.
Speaking of time, which means money in the legal profession, the simple interface and clear-cut categories vastly improve turnaround for beginning billable work while simultaneously protecting the firm from taking problematic accounts. LegalKEY Conflicts Management even conducts conflict of interest searches against internal and external sources.
Thawani cites why the new solution falls in line with Open Text's vision at large. “This continues our history of innovation in the legal market, part of our commitment to provide our law firm customers with leading-edge proactive compliance capabilities.”
To get involved at the next annual conference for LegalKEY users, register for Convergence V. It takes place May 6-9 at the Sonoma Mission Inn and Spa in California. Visit Convergence V for more info.
Other Open Text legal offerings include Livelink ECM - eDOCS DM (the fruit of the Hummingbird acqisition) and LegalKEY New Business Intake. Records Management, Conflicts Management and Critical Dates Management are all geared toward information relations and are commonly used among Open Text's law firm clientele, as their compliance platform helps satisfy the most overbearing requirements.
Over 65% of the AMLAW 100, and nine out of the top 10 global law firms, choose Open Text for their legal fixes. Go figure. Read more about Open Text's wild adventures on their website.