Law firm leaders who are engaged in making decisions about the technology that’s implemented at their firms seem to uniformly understand that such technology will add value to their firms in the future. However, those leaders’ responses to a recent survey reflected a certain ambivalence about the prospects for specific technologies.
That’s a central finding of a new white paper, entitled Large Law Firm Technology Survey: Law Firm Leader Perceptions of the Value of Technology, published by Thomson Reuters Legal Executive Institute in partnership with Daniel W. Linna Jr. of Northwestern University. Linna has a joint appointment at Northwestern Pritzker School of Law and McCormick School of Engineering as the Director of Law and Technology Initiatives and a Senior Lecturer.
In the course of interviews with 112 decisions makers in 66 global law firms, the survey explored attitudes toward several specific technologies and concepts that are in various stages of implementation at many law firms, including contract management, contract drafting, litigation analytics, data feeds, APIs, CRM/ERM systems, and legal project management.
The research gleaned from this survey provides a barometer of law firm leaders’ current attitudes toward the various technologies and the value that large law firms expect to see from their implementation. The white paper also suggest that more research is needed, particularly a need for objective value and quality metrics within the legal industry. Such analysis will enable law firm leaders to make more informed decisions about the technology underlying their firms’ ability to deliver value for clients.