Dewey B Strategic reports
LexisNexis has just released there inaugural Law360 Pulse 2021 Legal Technology Survey. In January and February 2021 they conducted a survey of corporate and law firm technology decision makers. The survey was focused on assessing law firm and in-house technology investments, goals and fears during the COVID-19 pandemic. A big clue to the results is in the subtitle: Bulking Up During the Office Diaspora. The report also sought to identify indicators of future concerns and investments. Law360 Pulse was launched in January 2021 as a news service focused on the business of law. Today they are releasing the third in a series of busines of law surveys.
The repost provides a series of snapshots across the spectrum of technology issues, budgets, cybersecurity, A.I., popular tech products by category. post COIVD tech adoption trends. The report examines the significance of cybersecurity threats and the degree to which law firms are responding.
There were just over 20 respondents but the report is positioned as providing anecdotal evidence of industry trends from the point of view of CIOs and other technology specialists.
- 89% said their IT operating budgets were holding steady or rising.
- More than 60% are using document automation
- 20% are using virtual assistance and chat bots
- More than 90% of respondents have a cyber liability policy
- Fewer than 10% said they had a data breach in the past year.
- 75% said they had a dedicated technology expert to support automation of core in-house workflows.
- AI is being used primarily for legal research 86% and contract review and negotiation 48%
- Only 32% of the respondents have a minimum hourly CLE requirement Lawyers to gain technical competencies.
Respondents estimated that an average of 9% of lawyers time can be replaced with automated tasks. I am fascinated with that estimate and I would like to learn more about how they came to that number. What products were in the mix?
Popular products. The survey identified the most popular products by category. Most popular AI tools include Kira (51%) Neota Logic( 21%).Video conferencing . It is no surprise that Zoom was the product identified by 83%.
The report ends with a summary of the most significant COVID impacts on technology. Impacts include the speed of technology adoption and introduction of new technologies.
For more information visit Law360 Pulse.
Source: https://www.deweybstrategic.com/
