2022 Bright Insight

TECHNOLOGY

The demand for comprehensive, practice and operational-enhancing technology has never been greater. Technology has been the linchpin of firms’ ability to survive and thrive through the pandemic and it is clear that the hybrid work environment will continue to require greater technology investments and ongoing innovation. For the most part, the legal sector overall had the necessary technology in place to transition to remote working fairly well during the height of the pandemic, and firms that were behind the curve scrambled to catch up.

NO 16%

Does your firm anticipate increasing spend on technology to continue to support a more remote working environment?

NOT SURE 18%

YES 66%

The way lawyers work is continuing to change dramatically, and new technologies are being rapidly deployed. Connectivity and collaboration tools are key to enabling team members to work from anywhere, across offices and with clients, as efficiently and effectively as being in a conference room together. Having robust networks with the most current redundancy and security features is critical, and firms have prioritized those investments accordingly. Training efforts have also been expanded to keep pace with the new systems and platforms, including regulatory requirements. Although these innovations have a dampening effect on billable hours, they are critical nevertheless, and free attorneys’ time to focus on the more sophisticated and complex aspects of their matters. With respect to technology, only 2% of firms say their lawyers work the same way they always have pre-pandemic. Conversely, nearly two-thirds of respondents indicated their attorneys are searching for cutting-edge technology to do their work better and more efficiently.

What percentage of your firm's gross annual revenue was spent on technology last year?

Less than 2% 10%

16%+ 33%

2%-4% 28%

8%-15% 12%

5%-7% 17%

45% of firms are spending more than 7% of gross revenue on technology *Up from 30% last year

22 Legal Sector Advisory Group | ADVISING FOR EXCELLENCE