2024 Bright Insight

04

Current spending on technology, as a percent of revenue, remained flat at 5.3% YOY. For Am Law 200 firms, specifically, this equates to a total spend of $8.7B on technology in 2023. 12 Given the expense associated with generative AI, and other areas of anticipated tech spending, firms are preparing to spend a higher amount of their revenue, at 7.3%, on technology in 2025 . Results are not lateral across all firms in regard to technology spend and Am Law 51-100 ranked firms expect to spend the most on technology at 8.8% of revenue two years from now.

Technology spend as a % of revenue

10%

8.8%

7.9%

7.3%

8%

6.8%

6.7%

6.6%

6.5%

5.9%

5.3%

5.3%

6%

4.3% 4.0%

4%

2%

0%

All Firms Am Law 200 None of the above 2023 Technology Spend as % of Revenue 2025 Technology Spend as % of Revenue Global 100 Am Law 1 - 50 Am Law 51 - 100

Source: Cushman & Wakefield Research

12 Cushman & Wakefield analysis of ALM’s Am Law 200 survey, 2024

42 | BRIGHT INSIGHT