Legal technology trends – insights from 751 legal professionals — from wolterskluwer.com
Future Ready Lawyer Survey: new and improved legal technology capabilities are driving greater resilience, improved client relations and higher performance for many organizations in the industry across Europe and the U.S. 63% of technology leading law firms report their profitability increased over the past year – more than any other firms.
Excerpt:
Legal technology report
The 2022 Survey identified industry trends across Europe and the U.S. that show:
- The increasing importance of technology is escalating across law firms and corporate legal departments;
- Technology is a critical factor to legal departments in firm selection and retention; and
- The greater use of technology is among the leading changes expected in both legal departments and law firms.
The need for technology as a key driver of improved performance, efficiency and productivity is undisputed. Yet organizations struggle to optimize their use of technology, signaling improvements are still needed in change management and training on new tools.
Also relevant/see:
Legal trends report – the top 5 trends expected to impact most legal organizations — from wolterskluwer.com
Excerpt:
Challenges include complexity of compliance requirements, higher performance expectations, growing talent tensions and the escalated demand of emerging areas such as Environmental, Social and Governance (ESG).
Also relevant/see:
Why Successful Law Firms Choose Legal Technology — from natlawreview.com
Excerpt:
What it takes to manage a successful law firm has shifted. A firm’s accolades and long-standing tradition are now just a drop in the bucket for prospective clients.
While some law firms still aren’t sold on the use of legal technology, the top-performing firms today embrace legal technology by aligning their business operations with the digital processes that influence their clients’ daily lives. By implementing modern processes these firms experience predictable cash flow, increased visibility, improved productivity, and increased client satisfaction, to name a few.