Legaltech Hub was pleased to partner with Meritas Law Firms Worldwide on the 2024 Legal Technology Survey of mid-sized law firms. Key takeaways: 💪 Top priorities for investing in legal tech include risk and compliance (67 percent of survey participants), generative A.I. (57 percent), and document automation systems and technologies (more than 50 percent) 💪 Almost 80% of mid-sized firms expect to leverage #GenAI in the next five years 💪 Mid-sized firms are more likely to utilize additional features in existing systems to gain efficiencies rather than buy new point solutions Summary linked below. #legaltech #legal
Unlocking Insights into Legal Technology Investment Meritas recently partnered with LegalTechnology Hub on our 2024 Legal Technology Survey, the third legal tech survey conducted by our legal technology program in the past 18 months. This survey, conducted among our member firms across nearly 90 countries, focused on identifying which specific service providers are being used by which member firms and outlining their overall plans for future strategic technology investments. Key Highlights: 🔹 Increased Investment: Most firms plan to boost their tech investments next year. 🔹 Top Priorities: Main focus areas include risk and compliance, generative AI, and document creation & automation systems. 🔹 Formal Strategies: 77% of firms have a formal tech strategy. Remaining 33% of firms (those without a formal IT plan) are in the process of developing a comprehensive strategy or are closing gaps by focusing on foundational elements needed for tech success. This survey provides invaluable insights to empower our member firms in navigating the ever-evolving legal landscape. Special thanks to Corey Garver, MBA, who heads our Legal Tech Advisory Program, and to Nicola Shaver and Legaltech Hub for their invaluable assistance! 📄 Dive into the survey summary: https://lnkd.in/gJg8TTR5 🔒 Full survey report available on the member portal for Meritas members. #MeritasGlobal #LegalTech #IndependentButUnited #WeAreMeritas
Thank you, LegalTechnology Hub, for sharing these key takeaways and for partnering with us on this project. Your contributions have been greatly appreciated. Looking forward to future collaborations!