Legal teams around the world are trying to keep pace by implementing new and exciting technologies — and they stand to realise huge productivity and efficiency gains with digital transformation. Read below for fascinating statistics on challenges facing the industry, use of technology and information management productivity.
The 10 largest UK firms all say that technology is the most significant challenge facing their industries in 2019-2020.
Most Impactful Trends For Law Firms
More than ½ of lawyers indicate their firms/departments will be impacted by these trends, but only ⅓ or fewer believe their organisations are well prepared to address them.
Over half of lawyers say their technology investment will increase over the next three years.
Lawyers agree that the two greatest areas of change in how firms and law departments deliver service will be related to GREATER USE OF TECHNOLOGY and GREATER SPECIALISATION.
Only about one-third of lawyers believe their organisation is very prepared to keep pace with changes in the legal market.
MORE THAN ONE-HALF of lawyers expect to see some impact from transformational technologies already here today, such as artificial intelligence (AI), big data, predictive analytics and machine learning.
Attorneys in small law firms report spending almost 40% of their workday on tasks other than the practice of law.
Typical firms are missing almost 50% of their information.
80% of the intellectual property inside firms is communicated or stored in email.
Lawyers and paralegals lose as much as 2.3 hours a week searching, but not finding, the right documents and another 2 hours re-creating documents that can’t be found.
Lawyers spend 11.2 hours a week dealing with challenges related to document creation and management. At least six hours of this is wasted time.
Those that rate their law firms as “very successful” reported 8.7% of their time is spent on administrative tasks, while those rating their law firms as somewhat “unsuccessful” reported spending almost twice as much time — 15.3% — on administrative tasks.
All told, time wasted in document creation and management activities cost firms $9,071 per lawyer, per year. This equates to a 9.8% loss in the firm’s total productivity, according to the study. For a firm with 100 lawyers, that’s more than $900,000 every year.
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