The Future of Law and Technology – Nearly Everyone's a Winner
In a survey of private practice lawyers, 83% foresee clients doing more work in-house, 72% anticipate greater reliance by clients on technology in law, and 66% expect clients to be getting similar service from external firms at better value. Yet, 91% of these same respondents expect their own firms to be ‘more competitive’ or ‘similarly successful’.
The majority of respondents believe clients will benefit from technology evolution.
95% feel their firms are keeping pace or leading the pack in transforming the business of law through technology.
While the consensus is that external law firms will be observably different, twice as many younger lawyers strongly believe that the change will lead to competitive advantage.
Nearly 90% believe they have developed, or will develop, the capabilities needed to stay relevant – but notably, despite seeing themselves as ‘digital explorers’, more than twice as many senior lawyers strongly agree they feel anxious about the future.
Overall, 93% of lawyers feel their firms’ positioning is positive or neutral. Only 6% see limitations in their firms’ current technology position as a reason for leaving.