Legal technology – increasing value for clients

 

Yet, even though lawyers see the importance and benefits of technology, there are barriers to investing. The survey reveals the biggest barrier to investment is organizational (44%), with some firms remaining stuck in familiar ways, internal processes, and slow decision-making.

Other barriers to adopting technology include a lack of knowledge, with about a third of lawyers (36%) saying they simply don’t have sufficient skills, knowledge or understanding of legal technology. But this shows improvement from 2022, when 48% cited lack of knowledge as a barrier to technological change.

Despite the evident barriers to tech adoption, most law firms and legal departments are investing in technology-enabled processes and services. A significant number (75%) say they are prepared to make the necessary strategic investments in technology, while more than half (58%) of both law firms and corporate legal departments expect to invest more in technology in coming years, although there is a decline compared to 2022 (64%).

However, some experts remain critical. – We have not seen true tech transformation – yet. A new technology can only be transformative if an organization’s business model supports the full use of that technology – points out Richard Tromans, Founder of Artificial Lawyer, legal-innovation news site.