The legal industry has gone through major change in perspective and approach. What can counsel expect in 2017? LLM, Inc. surveyed 250 professionals on corporations and law firms’ goals, obstacles and results around technology and more to find out.
“The State of the Legal Industry” survey revealed several notable themes and key information, including what corporations want most from their firms and how frequently firms are communicating with their clients. It also showed how technology will be used to improve operating efficiencies and the impact of AFAs on saving money and increasing predictability. Furthermore, it showed the relative ability of both corporations and firms to keep pace with the continuing change.
Some of the report’s key findings include:
- 64% of law firms rely on more than four distinct legal software systems for strategy, case management, collection and review
- Corporations and law firms want greater budgeting predictability
- Corporations are using Alternative Fee Arrangements (AFAs) to reduce legal costs
- Nearly half of firms only use email to track communication around budget and strategy for historical purposes