Technology seems to be the topic of every other article in the blogosphere at the moment. We are regularly presented with new research and statistics showing how we are, or are not, engaging with technology.
Although the legal sector may be slow to accept change, it is constantly being encouraged to listen and engage with technology, and to invest and adopt new tools and processes. This is an area where change will happen. Internal conversations should be taking place in law firms to examine how they can best streamline their processes. New technology and automation will allow simple administrative tasks, such as case management, to be dealt with effectively and efficiently.
It is quite worrying to hear from a recent report that, “81% of these firms spend less than 10% of their turnover on legal tools”. In an increasingly competitive market, law firms will lose out to their rivals and could even face extinction if they do not act now.
Technical problems Out this week is the Bellwether Report 2017, “The Race to Evolve”, the fifth annual report from LexisNexis exploring the state of the legal landscape for independent law firms. Rather like school reports, there’s a lot of “must try harder”, especially around investment in legal technology. Firms’ intentions may be good, but they seem to have misunderstood. “While 92 per cent of lawyers assert that continued investment in technology is no longer optional, they often do not value efficiency that technology provides highly enough to invest,” LexisNexis says.