Posted by: johnocunningham | May 5, 2016

Law Firms: What You Can Learn From Your Clients’ Tech Budgets

If you want to know what kinds of technology capabilities your clients expect you to master, check out how the clients spend their own tech budgets.

A graphic in April’s Legal Tech News shows that corporate clients are spending big money first and foremost on knowledge management systems that help to store, categorize, analyze and retrieve institutional knowledge gleaned over many years by various professionals in a corporate legal department. These systems help every individual in the law department to have the benefit of the collective knowledge of all individuals currently or previously working within the department.

Clients are also spending considerable sums on:

  • Legal analytics;
  • Legal project management; and
  • Governance and compliance systems.

Law firms would do well to invest in those capabilities as well, not only to be on par with their largest corporate clients in terms of technological capability, but to service the small and mid-sized clients who are looking for those capabilities but may not yet have them in-house.

Citing a white paper by Mitratech called “Catching the Wave,” Legal Tech News stated that law departments are now spending approximately $1.5 billion on technology annually with the potential to increase that level of spending to $6.5 billion within five years.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: