Legal technology trends – insights from 751 legal professionals – Wolters Kluwer
Future Ready Lawyer Survey : new and improved legal technology capabilities are driving greater resilience, improved client relations plus higher performance for many organizations in the industry across Europe and the U. S. 63% of technology leading law firms report their profitability increased over the past year – more than any other firms.
In the fourth year of the Wolters Kluwer Future Ready Attorney Survey , it’s clearly shown that year after year, technologies continues to be a critical differentiator for higher overall performance in the particular legal sector, and demand continues to grow.
Lawful technology report
The 2022 Survey identified industry styles across Europe and the U. S. that will show:
- The increasing importance of technology is escalating across law firms plus corporate lawful departments;
- Technology is a critical factor to legal departments in firm selection and retention; and
- The greater use of technology is among the leading changes expected in both legal departments and lawyers.
The need for technology as a key driver of improved performance, efficiency and productivity is undisputed. Yet businesses struggle in order to optimize their own utilization of technology, signaling improvements are still needed in change management plus training on new tools.
The increased usage of and investment inside technology solutions continued in 2022 and are projected to gain more ground ahead. Corporate legal sections – faced with higher workloads plus budget constraints – have turned to technology in order to automate work and improve productivity. Law firms, confronted with changing customer expectations, the demand with regard to higher productivity and growing competition, are also turning to technology regarding help.
Technology Leaders thrive
The data is clear: Technology Leaders (organizations that most effectively leverage technology) thrive. Year after year, they outperform other companies across several important metrics and demonstrate why investing in and applying the right technology matters. 63% associated with technology leading law firms report their profitability increased over the past year – a lot more than any other firms .
In 2022, 54% of agencies identified themselves as Technologies Leaders, 44% as Transitioning. The number of institutions identifying as Technology Frontrunners rose from previous years (40% in 2021 and 39% within 2020). Technology Leaders have shown their superior resiliency, agility and efficiency through the pandemic plus across a quickly changing legal landscape.
Legal technologies and talent
Lawyers want to work in tech-savvy lawful organizations. 87% of corporate lawyers and 83% of law firm lawyers say it is extremely or very important intended for them in order to work for an organization that will fully leverages technology. Today’s talent has very high expectations to get access to the particular latest equipment, and technology that enables agility, switch as well as the ability to function remotely.
The particular 2022 Wolters Kluwer Long term Ready Lawyer Survey : Leading Change Report provides insights through 751 legal professionals across European countries and the U. S. Download now plus learn more about LegalTech > >