Legaltech won’t magically solve every problem lawyers and law firms face, says Ron Friedmann in a new report released in collaboration with LOD – Lawyers on Demand.
For the Cutting Through the **I.T. – Decoding the legal tech market report, LOD carried out key client conversations over the past year and found that many GC did not even mention legaltech as something they pay attention to every day. If they did, it was a very low priority, the firm said. The finding seems to be counter to all of the attention legaltech has been getting.
“Several factors explain why we see so much hype now about legal tech: the advent of many start-ups, some quite successful; big rounds of funding for some of these players; and pressure from the board and clients to do more with less,” Friedmann said.
Technology will only have an impact if it changes how lawyers and staff work and if those changes create efficiency or effectiveness benefits. Adopting new technology, whether an incremental upgrade or a revolutionary new product, will only pay off if lawyers and firms change the way they work, he said.
“Put bluntly, too many lawyers think that ‘just pressing a button’ will improve things. But as much as they might wish it, there is no ‘magic wand’ that creates gain without pain. Improving efficiency and effectiveness with any new technology requires real changes in how lawyers work,” Friedmann said.
“It’s easy to write off the legal industry as one that struggles with technology, but real change is hard, across all sectors,” said James Kenney, head of service development at LOD. “Ron’s report tackles this head-on and his simple, practical advice is relevant across industries.”
The report features a seven-step practical checklist for lawyers and firms to frame their problems and decide whether technology investment will help solve the problems.