It still amazes me how slow the legal industry has been to embrace technology. There are a number of law firms and legal businesses who have implemented and are developing systems but there are still many who don't think it will affect them.
Ultimately the industry needs to start focusing on what customers want. Customers want valuable data and analytics which give them real insight into what is going on within their business. Who is doing what, how long it’s taking, where there are bottlenecks etc.
Recently I’ve noticed more and more articles which could create fear for future lawyers. I’m often asked ‘well won’t these technologies entirely replace lawyers?’. The short answer is no. Why can't we focus on the fact that by implementing and embracing technology the lawyers of today and tomorrow will be able to do higher value work. Instead of trainees and paralegals doing research etc. they will be able to do the real work they trained for far more quickly. If these systems can take away the research and grunt work then why would we not embrace it?
Time to wake up and smell the coffee.
One of the recurring themes running through all of our LexisNexis reports this year is the growing importance of technology. The vast majority of lawyers we’ve interviewed agreed that they “must” invest in and adopt new technology to survive the next five years. But, according to the latest Bellwether Report; The Riddle of Perception, it seems many lawyers are still reluctant to use it throughout the business. And a whopping 87% of firms don’t see the advantages of using artificial intelligence tools to inform their decisions at all. So what’s the problem? Why if we’re agreed that law firms won’t survive without investment in technology are so many lawyers still not adopting these powerful new tools?