Legal business is run at a profoundly high pace today due to best-in-class modern tools – both software and hardware – that make legal business efficient in terms of document management, legal research, time tracking and more. Early adoption of technology puts companies on a competitive edge making things more efficient and fast. The facts below speak up for themselves. Consider the below information to reassess the value of technology in the legal business.
60 % of organizations expect to increase investment in AI by more than 50% compared to last year.
80 % of extensive AI adopters have better financial performance than non-adopters.
Experts predict that spending on AI by companies will grow from $8 billion in 2016 to $47 billion in 2020, up almost 600%.
Nearly $1B of capital was invested in legal technology between 2013 and 2017.
Among companies, those that embrace AI are predicted to see their cash flow double by 2030. Those that don’t could lose 20% of their revenue by then.
These simple facts make you reconsider the role of AI in the legal business. Thomson Reuters predicts that organizations that fail to adopt new technology may have a hard time catching up with those who do. Reuters says even if the costs are high, it may be well worth to invest early and be on the competitive edge.
According to Reuters Infographic, those companies that don’t leverage AI today are already falling behind. Today modern up-to-date tools are not something nice to have but a requirement of legal business today.
The trends cover not only solo businesses and large and small law firms but encompass government with Supreme Court requiring to submit filings through the electronic filing system in 2017.
These facts should make legal businesses rethink about the role of the new technology in their business. To do proper accounting without a right app is like use calculator instead of a computer program a couple of years ago. Legal technology makes everything faster and more efficient, starting from legal research to billing to client communication. Those that will be early adopters will be the ones that will step ahead. This concerns everything from highly personalized customer experiences to hiring the right people to more cash flows.