Extract from Michael Kemps & Michael Paul’s article “Navigating the Tech Landscape in 2024: What Law Firms Should Expect”
The legal industry continuously faces the pressure to adapt as technology evolves and improves. As we approach 2024, law firms should be prepared for a series of transformative shifts in the technology arena. From the continued consolidation of vendors and products to the evolution of cyberattacks and the integration of AI tools, law firms need to be proactive and agile to stay ahead in this dynamic environment.
In this article, we will explore what law firms should expect in technology in 2024 and how these changes might impact their operations and strategies.
Change and Consolidation
One of the key trends that law firms can anticipate in 2024 is the continued consolidation of technology vendors and products. This trend is likely to impact the legal tech ecosystem as larger companies acquire smaller ones, leading to fewer but more comprehensive solutions. However, this consolidation may also create gaps in the market, prompting smaller niche companies to develop specialized solutions to fill those voids. For law firms, this means they will need to adapt to new product suites, explore innovative tools from emerging players in the field and ensure seamless integration.
While technology is advancing rapidly, the legal and professional services industries are likely to adopt these changes at a predictably measured pace. Fundamental research and traditional practices for newer associates may hinder the immediate integration of new technologies. Law firms will have to balance the benefits of technology with industry acceptance and the learning curve for their attorneys.
