Interesting to see if this signals the start of the plateau in the legal tech hype cycle. Less talk and more action/implementation has got to be a good thing - it's a tricky balance for law firms to strike between staying on top of new legal tech developments in such a fast moving market whilst avoiding jumping on bandwagons.
For us, this means prioritising areas where we know that our clients (and our lawyers) want to see change and improvement, and implementing new solutions in areas of our practice where they’re likely to be embraced and have the highest chance of success. It also means that where there are priority areas for us, we’re open to making major changes – such as training all our trainees to use Luminance as a matter of course when they learn about diligence in their corporate seats.
It’s exciting how quickly AI has become a core tool in this area - as evidenced by the suggestion that two thirds of firms in this survey are looking to invest in AI powered tools.
The level of spend for innovative tech has kind of peaked,” Adcock said. “I think firms have reached a kind of saturation point for the time being in terms of their ability to inject new technology. And they now need to implement the newer tech they’ve invested in and make that applicable in the firm, so there’s a lot of change management” that needs to happen.