Legal budgets will get an AI-inspired makeover in 2025: survey — from legaldive.com by Justin Bachman
Nearly every general counsel is budgeting to add generative AI tools to their departments – and they’re all expecting to realize efficiencies by doing so.
Dive Brief:
- Nearly all general counsel say their budgets are up slightly after wrestling with widespread cuts last year. And most of them, 61%, say they expect slightly larger budgets next year as well, an average of 5% more, according to the 2025 In-House Legal Budgeting Report from Axiom and Wakefield Research. Technology was ranked as the top in-house investment priority for both 2024 and 2025 for larger companies.
- Legal managers predict their companies will boost investment on technology and real estate/facilities in 2025, while reducing outlays for human resources and mergers and acquisition activity, according to the survey. This mix of changing priorities might disrupt legal budgets.
- Among the planned legal tech spending, the top three areas for investment are virtual legal assistants/AI-powered chatbots (35%); e-billing and spend-management software (31%); and contract management platforms (30%).