Beyond the hype: a pragmatic approach to legal technology adoption and better data management
In this new paper from The A&O Legal Innovation Benchmarking Report, we look at how advances in technology and data analytics will change the in-house legal function.
Highlights from the paper:
- There is a gap between the importance placed on technology to drive change in the legal function, and the adoption of advanced technologies by legal functions.
- For example, 88% say contract automation tools are important, but just 8% report using those tools extensively across their legal function today, with a further 32% saying they use it in pockets.
- Foundational technologies such as document management tools, knowledge management technology and workflow management capture the biggest share of legal spend.
- When experimenting with new legal technologies the software-as-a-service (SAAS) model is preferred over trying to build solutions internally.
- However, legal technology investment remains limited with just a third (31%) saying they have invested in legal-related technology for their function within the last 12 months.