Adobe Stock 445828907 Legal Tech
  • Publish Date: Posted about 2 years ago
  • Author:by Steve Wright

The evolution of Legal Technology and the impact it is having

​During the pandemic, every industry became reliant on technology to ensure that companies could remain functional and continue to provide a service to their clients, as well as allowing those within the business to communicate via face to face, albeit virtual methods. The legal tech industry in particular has seen an emergence and significant increase in demand for the implementation of software and solutions to support the industry in providing innovative and enhanced products to increase efficiency and automate somewhat mundane and time-consuming tasks for lawyers.A survey carried out by Thomas Alsop at Statista in 2021 revealed that the legal tech industry was valued at $18.43bn and is expected to increase in value to a staggering $25.18bn by 2025.The somewhat sizeable growth of the industry is expected to continue at an exponential rate, and It’s clear that there are differing opinions on the rollout and introduction of software to firms, and the impact that this has on security, integration, and potential cost, as stated below having spoken with experts within the market – ​“There's lots of competition but a number of the products are deficient. The advice is to try before you buy and do a technical audit, because the risks and potential cost to the business of buying half-built or insecure software are high. I hate seeing law firms hoodwinked by some legal software vendors, they are often victims rather than customers”.Technical Lead in industry who has worked for both law firms and software providers. “I am of the opinion that there will be one particular potential stumbling block to integration that most firms will face, which is access to traditional sources of information/data such as Practice Management Systems/Billing Systems. The security concerns around opening access to on-premises data and the lack of control over the sensitive information will likely present challenges to be overcome by providers and customers alike. I would imagine that this challenge will lead to hybrid cloud appliances being deployed on-premises to facilitate these automation services but it's all speculation.”Senior Integration Consultant who has worked both for law firms and software providers. It’s an exciting time to be a part of an established market that is continuing to grow, and of course, there are going to be teething problems along the way, but what is next for the software houses that are shaking up a $700bn+ market? Certainly continued growth but which products will rise to the surface?Is the rollout of new products a blessing in disguise, or a headache for in-house technology teams that are already catching up with post-pandemic change? 01892 553355 | info@gerrardwhite.com

Share this Article
Back to Blogs

​During the pandemic, every industry became reliant on technology to ensure that companies could remain functional and continue to provide a service to their clients, as well as allowing those within the business to communicate via face to face, albeit virtual methods.

The legal tech industry in particular has seen an emergence and significant increase in demand for the implementation of software and solutions to support the industry in providing innovative and enhanced products to increase efficiency and automate somewhat mundane and time-consuming tasks for lawyers.

A survey carried out by Thomas Alsop at Statista in 2021 revealed that the legal tech industry was valued at $18.43bn and is expected to increase in value to a staggering $25.18bn by 2025.

The somewhat sizeable growth of the industry is expected to continue at an exponential rate, and It’s clear that there are differing opinions on the rollout and introduction of software to firms, and the impact that this has on security, integration, and potential cost, as stated below having spoken with experts within the market –

“There's lots of competition but a number of the products are deficient. The advice is to try before you buy and do a technical audit, because the risks and potential cost to the business of buying half-built or insecure software are high. I hate seeing law firms hoodwinked by some legal software vendors, they are often victims rather than customers”.

Technical Lead in industry who has worked for both law firms and software providers.

 

“I am of the opinion that there will be one particular potential stumbling block to integration that most firms will face, which is access to traditional sources of information/data such as Practice Management Systems/Billing Systems. The security concerns around opening access to on-premises data and the lack of control over the sensitive information will likely present challenges to be overcome by providers and customers alike. I would imagine that this challenge will lead to hybrid cloud appliances being deployed on-premises to facilitate these automation services but it's all speculation.”

Senior Integration Consultant who has worked both for law firms and software providers.

 

It’s an exciting time to be a part of an established market that is continuing to grow, and of course, there are going to be teething problems along the way, but what is next for the software houses that are shaking up a $700bn+ market? Certainly continued growth but which products will rise to the surface?

Is the rollout of new products a blessing in disguise, or a headache for in-house technology teams that are already catching up with post-pandemic change?

 

01892 553355 | info@gerrardwhite.com

Latest Blogs

View All Blogs
Insurance Broking - Customer Centric Skills
Insurance Broking: The Rise of Customer-Centric Skills

​In the high-stakes arena of insurance broking, success is no longer just about knowing your products inside out - it's about mastering the art of building human connections. We're talking about cu...

Trust
Why you should keep your recruiter informed...

​When working with a specialist legal, tech, insurance recruitment agency like Gerrard White during your job search, it's crucial to keep us informed about any developments that could affect the se...

Brochure & Animation Design Service
Make your hiring process stand out with stunning brochures and video Animations

Attracting top talent to apply for your job openings with well-crafted job descriptions is just the beginning. The real challenge lies in keeping them engaged and interested throughout your entire ...

Women In Insurance
Strategies for getting more women into the UK insurance industry

​The UK insurance sector is facing a significant gender imbalance, with women making up only about a third of the workforce. In certain areas like broking, this figure drops below 20%, highlighti...

Career Change
Why would you think about a new job when you already have one?

​We’ve all been there. You’re sitting at your desk, caught up in the daily grind, when a LinkedIn message pops up: “Exciting Opportunity for a……!” Your first thought? “Why bother? I already have a...

Insurance Recruitment
Demystifying Insurance Recruitment: Why You Need Support

​In the UK Insurance sector, hiring the right talent can be a complex and challenging task. From understanding the intricacies and nuances of different insurance sectors to navigating regulatory re...

Hiring for Success
Hiring for Success: Balancing Cultural Fit and Technical Skills in the Modern Workplace

There’s no denying that the job market is currently very competitive, with more and more job seekers vying for fewer open positions. Organisations are facing critical hiring decisions - Should they...

Hybrid & Flexible Working
The UK Insurance Working Policies Report 2024 - Hybrid, Remote and Office working

​The UK Insurance Working Policy Report examines the effect of office, remote and hybrid working on candidates and employees productivity, retention, quality of work and company culture. Read the ...

Insurance Careers
Exploring the Benefits of Working in the UK Insurance Market

​A resounding topic of discussion at the BIBA conference last month revolved around Insurance providers introducing strategies to entice more young and diverse individuals into careers in the insur...

Legal Career Move
Making the Right Move for Your Legal Career

​The age-old conundrum every solicitor will face in their career: when is the right time to leave the cosy nest of the firm where they completed their training? You, quite rightly, feel loyalty tow...

Hiring For Potential
Hiring for Potential: The Key to Thriving in a Fast-Paced World

​Consider this: in the ever-changing landscape of business, the skills required for success are constantly in flux. As technology evolves and industries digitalise, specific skill sets can become o...

Hiring For The Future
Hiring for the Future: Essential Skills in the Tech-Dominated World

​The job market is experiencing a seismic shift thanks to technological advancements that are automating tasks and reshaping industries. Artificial intelligence (AI) and automation have evolved fro...

Mental Wellness
Breaking the Taboo: Championing Mental Wellness in the Workplace

​In recent years, there has been a significant shift in how we perceive mental health in the workplace. Organisations are increasingly recognising the importance of prioritising mental wellness amo...