Impacts of legal tech in law firms and in-house in the last year worldwide 2020

As of a survey carried out in March 2020, of the 490 law firm practitioners questioned, 49 percent said that thanks to legal technology, in the past year their attorneys have had more time to focus on higher-level tasks. Other impacts of legal tech include law firms being able to save money, with additional funds made available for legal technology investments, as well as investment in additional employee training.

Leading law firms are utilizing tech solutions

Many of the leading global law firms are utilizing legal tech solutions, working closely with both clients and innovators. For example, DLA Piper has focused on harnessing the power of big data, analyzing large client data sets to improve client retention. Another example is Allen & Overy who have used AI, machine learning, and cloud-based solutions to help clients reduce costs and control risks. The firm has also launched Fuse, a collaborative tech innovation space where lawyers, clients, and start-ups co-develop legal tech solutions.

The legal tech B2B market

The legal tech market can be roughly split into two categories: business-to-business (B2B) and business-to-consumer (B2C). The B2B legal tech market includes services such as litigation management, cloud-based solutions, and business management. Typical technologies and solutions involved include project management platforms, artificial intelligence (AI), natural language processing (NLP), and other software tools. The adoption of these technologies helps to streamline operational processes and improve efficiencies, freeing up time for more valuable tasks to a business.