Eight out of 10 law firms say they’ve adopted some new form of legal technology to improve their efficiency and competitiveness.
But only a quarter of them have a way to a measure how much time and money the new technology is saving, and nine percent aren’t even sure there’s any benefit at all.
Those are some of the findings from the Bloomberg Law 2020 Legal Operations Survey, which interviewed 600 lawyers working in private practice and in-house.
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Here are some of the highlights from the Bloomberg Law 2020 Legal Operations Survey:
Which of the following functions fall under your “legal operations?”
- Billing (60 percent)
- Records management (56 percent)
- Vendor management (51 percent)
- Training (48 percent)
- Procurement (45 percent)
Who directs your legal operations?
- Managing partner (73 percent)
- Non-managing partner (17 percent)
- Chief operating officer (11 percent)
- Chief executive officer (7 percent)
- No designated person (7 percent)
Which of the following describes your use of legal technology?
- Is evaluated through a formal process to gauge effectiveness. (23 percent)
- Has increased efficiency in our organization. (84 percent)
- Is in the process of being increased at our organization. (77 percent)
- Has reduced our operating budget. (34 percent)
- Will result in the hiring of more non-attorneys. (27 percent).
- Has improved our attorneys’ health and well-being. (27 percent)
- Has resulted in better workflows for our attorneys. (64 percent)
Thanks to legal tech, in the past year …
- Our attorneys have had more time to focus on higher-level tasks. (49 percent)
- I have had more time to focus on high-level tasks. (43 percent)
- My office has made additional legal technology investments. (40 percent)
- My office has been able to save money. (29 percent)
- My office has invested in additional employee training. (27 percent)
Size of firm
- 1 to 15 attorneys (16 percent)
- 16 to 50 attorneys (29 percent)
- 51 to 100 attorneys (14 percent)
- 101 to 300 attorneys (15 percent)
- 301 to 500 attorneys (7 percent)
- 501 or more attorneys (19 percent)
Source: Bloomberg Law
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