Extract from Mark Masson, Jay Russell, and Ed Estada’s article “Your Data & Technology Are Not Delivering You Value—Here’s How to Fix Them”
In a recent report from the Legal Pricing & Project Management Survey, 72% of corporate law departments say, “law firms are [not] leveraging technology to deliver legal services efficiently and cost-effectively.” This statistic is maddening for any firm leader, firm IT professional, and attorneys who spent time, money, and resources on any recent technology initiative. Additionally, there was a 14% decrease in law firm professionals who think their firm is “leveraging technology to deliver legal services more efficiently and cost-effectively.” So, law firms are not getting what they expect out of their existing technology stack, choosing the wrong solutions, or not acting fast enough for client needs.
Finally, the 2022 Legal Ops + Tech Survey from Bloomberg Law found that 70% of respondents either “do not currently have a process in place to evaluate the legal technologies they are using or are just not sure if a process exists.” A concerning statistic that shows firms and legal departments are unsure of the value and efficiency of their IT solutions.
Dissatisfaction with IT solutions can often be a representation of other firm-wide operational opportunities. If IT is not adding value to clients, helping the firm run more efficiently, and grow, then what other areas of the firm might be falling short? This is a difficult puzzle to solve, particularly in large firms where practices, Partners, and departments have a lot of autonomy.
