The Rush for Legal Technology
It’s no secret that the name of the game for legal technology is changing rapidly.
According to a recent Law360 article, legal technology in 2017 saw $233 million in investments in businesses across 61 deals, edging ahead of the previous years’ legal tech spend.
“Businesses are more willing to invest in technology because legal professionals are adapting to changes and many younger lawyers who enter the workforce even expect it to assist in their responsibilities,” Steven O’Donnell, Director of Product Marketing and Sales Enablement at Mitratech stated.
Legal technology recently witnessed a flurry of mergers and acquisitions, as well as a record rise in funding, the article continues.
The cause of this rush? Increasing pressures to:
- Improve efficiency
- Develop more strategic lawyering
- Reduce law firm costs
- Improve the quality of services
- And expand legal operations
What are some specific ways legal departments leverage technology to handle these increasing pressures? Here are just a few:
- Legal workflow automation
- Legal management solutions with proven ROI
- Using data insights to drive KPIs and strategic decisions
“Offering legal services and legal best practices is really not so much about just running a legal department anymore,” O’Donnell says. “It’s about being a strategic adviser and a manager of operations with the rest of the company.”
After all, the real goal of legal tech is to drive value for the entire business, starting with the legal department.
Want to know more about how legal tech is transforming corporate legal? Here are some resources you might enjoy: