Law Firms Need To Leverage & Understand Legal Tech to Thrive
2019 Future Ready Lawyer Survey from Wolters Kluwer
For law firms and their in-house partners to hold their own and survive in the changing legal landscape, differentiating services and analyzing big data will be key, while understanding and harnessing technology are the first steps to adapting, according to a Wolters Kluwer survey.
Based on quantitative interviews with 700 lawyers in law firms, legal departments and business services firms across the U.S. and Europe, the 2019 Future Ready Lawyer Survey from Wolters Kluwer examines how Increasing information complexity, client demands, economic forces, changing demographics and technology advancements are affecting the future of law and how legal organizations are preparing themselves.
Key findings of the 2019 Future Ready Lawyer Survey include:
- Overall, only about one-third of lawyers (34%) believe their organization is very prepared to keep pace with changes in the legal market
- Legal professionals report that the Lack of Technology Knowledge, Understanding or Skills comprise the top category of reasons for resisting new technology (36%).
- More than 7 in 10 lawyers across Europe and the U.S. say that both “Coping with increased volume and complexity of information” and an “Emphasis on improved productivity and efficiency” are top trends with impact. Yet, only 31% feel very prepared to address it.
- The top challenges for corporate legal departments today include reducing and controlling outside legal costs; improving case and contract management; and automating routine tasks and leveraging technology in work processes.