It may come as a surprise that, until recently, the United States, which has implemented much of modern society’s most prolific technological developments, has been somewhat lagging on the adoption of legal technology.
In contrast, Europe, led by the U.K., leads the way in the adoption of the legal technology market, showing that demand remains strong for British law firms. In 2018, firms spent about $81 million (£61m), more than doubling the $29 million (£22m) spent in the previous 12 months.
The overall competitive advantage of law firms benefiting from the application of legal technology cannot be over-exaggerated and should not be overlooked. The domino effect of the uptake of legal technology in Europe has led to a growing expectation that it will be vital to the growth of the profession. Firms that don’t embrace the AI tools at their fingertips risk being left behind: A recent study of London’s law firms by CBRE discovered that 48% are already using AI, with a further 41% predicted to do so in the future. [read more]