Thomson Reuters and Momentum Intelligence are pleased to launch the annual Tech and the Law 2020 Report, a complimentary resource with exclusive findings. This year’s edition presents legal leadership with a unique opportunity. Not only do the survey results provide in-depth industry insights, they were obtained at a specific moment in time.
Hundreds of legal professionals shared their experiences for the purpose of this report, right before COVID-19 took hold as a pandemic. Read on for further information about the data-driven resource. Or, for immediate access to the Tech and the Law 2020 Report, simply fill out the form on this page.
Digital transformation no longer a ‘nice to have’
COVID-19 has accelerated the adoption of legal and business technologies, with most firms and organisations now working remotely during these unprecedented times. The profession is faced with practising the law and collaborating with vendors and clients in unique circumstances.
Considering the current landscape, one can wonder how lawyers are coping. Many find themselves working reduced hours, while upper management in some firms have placed a freeze on new hires or, worse still, been forced to stand down or make both legal and operational roles redundant.
“48% of legal professionals would be prepared to move to a new law firm or organisation if their employer lacked legal innovation”
– Tech and the Law 2020 Report
Among many things, the current crisis has highlighted that legal innovation and digital transformation is no longer a ‘nice to have’ – it may even be forcing the adoption of new ways of working that could enhance the way you and your organisation operates, collaborates, or innovates.
Legal tech report highlights
For the purpose of shedding light on high-level trends in the legal profession, we gathered data from a range of legal professionals, from key decision-makers to junior corporate lawyers. Over 200 qualified participants took part in the initiative to share their experiences of legal innovation. Thanks to their honest responses, we gathered the following insights (and more):
- Perceptions of success linked to tech: Firms and legal departments, on average, who are perceived to be able to handle an increase in workload and scale into the future have been adopting more technology than the organisations that lack these abilities.
- Employee concerns over efficiencies: Nearly three quarters of participants surveyed believe that their employer’s systems and processes cannot handle an increase in workload nor are able to scale into the future.
- Decision-makers vs non-decision-makers: Decision-makers in organisations believe that there is a much higher level of efficiency within their organisation than non-decision-makers.
- Barriers of legal tech adoption: Budget stoppages are clearly the biggest barrier preventing organisations from investing in new and emerging technologies.
Whether you are an in-house champion innovator or in law firm senior leadership, there are ‘legal tech’ insights in here for everyone. We trust you will find the Tech and the Law 2020 Report just as compelling as we do, particularly in the middle of a global health crisis where remote connectivity is crucial. Access your copy of the legal industry report today!
