The Ins and Outs of the 2024 ACC Annual Meeting

October 2024 marked the ACC (Association of Corporate Counsel) Annual Meeting. The three-day event drew a global attendance of 2,500+ in-house counsel and provided ample opportunities to acquire insights on some of the legal space’s greatest challenges, solutions and trends.

Several Consilio members got the chance to attend the conference. We soaked in the most to-date information and trends that legal professionals would be remiss not to learn. Best of all, we rounded them all up to keep you in the loop.

While some topics may seem par for the course considering their broader presence in the news and from a cultural standpoint, others may come as quite the revelation. Here’s what we learned:

Don’t Be the Meat in a Shark Tank When It Comes to CLM

The contract lifecycle management (CLM) space is still relatively new but has seen significant growth in the past 10-12 years. Just over a decade ago there were under a dozen prominent CLM vendors; now there are hundreds of CLM systems.

At this point in its growth, the CLM industry is rapidly experiencing changes due to several important trends. We cherry-picked a few key points we picked up about CLM and where it’s heading.‍

1. Integration with Other Systems
   • CLM systems are increasingly being integrated with other kinds of business platforms, such as ERP and CRM platforms. This makes for better accessibility and data flow.
2. Focus on Compliance and Risk Management
   • With changes to and more severity among regulations, businesses are prioritizing compliance features within CLM platforms to manage the risks associated with contracts.
3. User Experience (UX)
   • Experience is the new battleground among retail companies, but it’s not limited to that space. Instead, there is a growing emphasis on applying user-friendly interfaces and experiences to CLM systems. This makes it easier for all involved, particularly for non-legal teams when they deal with contracts.
4. Sustainability and ESG
   • Organizations are considering environmental, social, and governance (ESG) factors in their contracting affairs. This is part of a broader commitment to sustainability in corporate and tech spaces.

These trends show how the CLM industry is nearing a future with more integrated, automated, and user-centric solutions, one that focuses on compliance and data-driven decision-making.  

The Importance of Risk Management in Compliance

There is an unbreakable connection between an organization’s risk management and compliance programs. Not surprising, but there was buzz around this topic as The Department of Justice’s recent re-release of the Evaluation of Corporate Compliance Programs (ECCP) on Effective Compliance Programs draws this same parallel.

Risk management has a particular importance in compliance, as an organization's risk management program goes a major way in determining the effectiveness of its compliance program.

How does it do this?

• Identifying Risks - it allows your company to identify potential compliance risks before they turn into serious issues.
• Adhering to Regulations – it helps assure you abide by laws and regulations to minimize the risk of penalties and legal consequences.
• Determining Priorities - it allows your organization to prioritize its compliance efforts based on the possibility and severity of risks, so that you can properly allocate your resources.
• Protecting Your Reputation – it ensures that your company protects its reputation, thereby fostering trust with your stakeholders.

The Pros and Cons of Self-Reporting to the DOJ

Self-reporting to the Department of Justice was another hot-button issue. As recently as late September 2024, the DOJ reinforced an emphasis on voluntary self-disclosure on its Evaluation of Corporate Compliance Programs Guidance (ECCP). It also recently issued its Whistleblower Awards Pilot Program to incentivize organizations to self-disclose their misconduct on a voluntary basis.

Understandably, those at ACC were keen to hear more about this as they look to help their organizations reinforce compliance and reduce their exposure. There was much discussion around the advantages and drawbacks of self-reporting, particularly given the increased significance of outcomes. Here’s a summary of the pros and cons outlined:

The Pros:

• Enhanced credibility by displaying transparency and accountability
• The chance for remediation
• Strengthen internal controls and compliance programs
• Mitigating legal risks

The Cons:

• More exposure to liability
• Heightened scrutiny from regulators
• More financial investment for conducting internal investigations
• No guarantee of leniency or favorable outcomes

AI Fatigue sets in

Generative AI has penetrated the legal tech sphere in an all-encompassing way, so it is no surprise that it was high on the agenda. Such a dominant topic would be suspicious by its absence but, the key takeaway is that many legal professionals are dealing with AI fatigue.

Gartner’s hype cycle played itself out with much of the Gen AI chatter synonymous with the trough of disillusionment our industry is currently wading through. And with prevalent AI washing, legal professionals are looking for a way to find true value and real examples of Gen AI proving itself in action.

Those who demonstrate that Gen AI is being considered and applied thoughtfully, with real intent to make legal processes more efficient without heightened risk, will find a receptive audience.

Hungry for more?

This year’s ACC Meeting was informative on a wide variety of legal fronts, with key lessons that hopefully give you food for thought as you look to close off the year on a high note.

Hungry for more insights but can’t wait another year for the next ACC meeting? Delve into our blog, videos, and rich cache of educational content from the Consilio Advanced Learning Institute to keep up to date.

And finally, for a notable example of thoughtfully considered Generative AI, discover Guided AI Review.