Law firms have long been slow in responding to technology-driven changes because of their risk-averse nature. But it seems that things start moving as we see an increase in LegalTech investments.
The proof comes from Gartner. In their recent research, Gartner predicts that the proportion of legal budgets spent on technology is set to increase threefold by 2025.
Some attribute this to the pressures created by the COVID-19 pandemic that forced law firms to automate part of their daily activities — e.g. document management and team collaboration. It did have a major impact on the fast adoption of legal technology. But ‘fast’ doesn’t mean effective.