Mitratech CEO Jason Parkman described how a legal department can help an organization gain a competitive advantage during a Thought Leadership Spotlight Presented by Mitratech at the 2015 Chief Legal Officer Leadership Forum in New York on Feb. 19. In his presentation, "More than Just a Cost Center: Legal Operations as Key in Creating Competitive Advantage," Parkman pointed out that a legal department can deliver positive brand awareness and reduce corporate risk.
According to Parkman, a legal department can help an organization reduce its costs, and ultimately, become more efficient. However, Parkman said a legal department must focus on innovation to find new ways to help its organization grow. Parkman also noted that a legal department that promotes collaboration and communication can innovate: "What we’re seeing is that the innovative leading legal departments are focusing on their legal operations groups as a way not only to reduce costs and gain efficiencies, but to actually create competitive advantage for their organizations."
Parkman said that cost optimization is becoming increasingly important for today's legal department as well. In addition, Parkman noted that a legal department should look for ways to differentiate the customer and partner experience. If a legal department focuses on finding opportunities and exploring them, Parkman said, it can help its organization gain a competitive advantage: "Legal in general – not talking about our operations yet – finds competitive advantage, creates competitive advantage by being proactive in finding opportunities to limit risk and exposure."