Extract from Rhys Dipshan’s article “By the Numbers: The 2024 LTN Law Firm Tech Survey”
The 2024 LTN Law Firm Tech Survey spoke with 30 technologists at top U.S. law firms to get a sense of what technology issues they faced over the past year, how their technology posture, policies and investments are changing, and their thoughts on technology’s impact on the future of the legal industry.
What we found is an industry adapting to a new post-pandemic normal, where gen AI is still taking center stage.
While inflation rates are falling, the price of cyber insurance for many law firms continues to rise. Since such a policy can be a necessary—and client mandated—protection, firms have little choice but to cover the growing expense.
Meanwhile, some law firms are continuing to create their own proprietary technology, most of which is used internally, and developed by their general either IT staff or third parties. And as generative AI permeates the legal industry, many firms are leveraging the technology in targeted ways, and designating a specific department or role to oversee it.
Aware of the risks of generative AI, a majority of surveyed firms have enacted policies governing the use of the technology by their staff. And many know that the technology’s risks don’t stop at privacy and security issues—they could also threaten the traditional billing models firms use as well.
