Extract from Isha Marathe’s article “Law Firms’ M&A Technology Spending Likely to Rise, As AI Becomes More Vital”
While artificial intelligence may be a newer addition to some tech stacks, for M&A lawyers, the technology is more familiar—having been integrated into their tools for nearly a decade now.
However, the growth in AI integrations across all legal tech has further propelled AI reliance in the M&A sector, according to Litera’s ”Technology in M&A Report: AI, Tech Adoption, and Talent Management in the US and Canada.”
Not only are attorneys placing more importance on AI-based legal tech, but they are also viewing M&A technology as an integral part of their practice, and devoting higher budgets to tech adoption.
The survey was conducted in the early months of 2023, and received responses from 350 lawyers who practice mainly in M&A transactions within small, medium and large law firms in the US and Canada.
For Alan Taylor, the chief corporate development officer at Litera, the sheer number of attorneys who agreed that AI was important to their practices was one of the most surprising findings.
Indeed, 85% of US respondents and 74% of Canadian respondents said that AI is either somewhat important or very important for their M&A practices.