The Legal Futures Survey Report provides an in-depth analysis of the current state and future prospects of technology adoption in European law firms. The report, based on a 2023 survey of 1250 law firms across several European countries, highlights the following key points:
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Adoption of Legal Tech: Many law firms are not fully leveraging available specialist software and generative AI tools, which can transform them into highly efficient legal businesses.
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Client Preferences: Clients prioritize reputation, availability, and local expertise when selecting law firms. Law firms need to enhance their marketing, communication, and local presence to meet these criteria.
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Business Challenges: The primary challenges faced by law firms include inflation, falling billable hours, and expensive, underutilized office space. Firms are encouraged to focus on client experience, explore new billing structures, and optimize office space utilization.
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Process Automation: Current automation efforts focus on billing, new case filing, and employee onboarding. Over the next five years, automation is expected to significantly increase, with larger firms and those in Switzerland and the Benelux region leading the way.
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Technology Investment Priorities: In the coming years, investments are likely to shift towards document and contract creation automation, document management, and client relationship management (CRM) systems. Advanced technologies like AI and blockchain are expected to see more investment by 2028.
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Legal Tech Know-how and Budgets: Over 60% of law firms rate their legal tech know-how as average or below. However, a significant number plan to increase their legal tech budgets in 2024, with larger firms leading in both know-how and investment.
How This Report Will Benefit You
This report provides a roadmap for law firms to harness the transformative power of AI-powered legal tech. It offers strategic insights and actionable recommendations to help law firms maximize their potential, improve client satisfaction, and stay competitive in a rapidly evolving market.
Download the full report for free to explore detailed findings and strategic recommendations that can help your law firm thrive in the digital age.
