Tikit were delighted to sponsor this year’s LPM Legal IT Landscapes Survey which brought up some interesting results and gives us a real sense of where legal IT is headed in 2018.
“In last year’s Legal IT Landscapes survey only 66% of firms said that they were prepared for GDPR. Fast forward 12 months to this year’s survey and we can see that 84% of firms surveyed are “fairly” or “highly confident” about GDPR compliance, which is encouraging to see. While the prospect of GDPR remains a daunting one, it’s great to see that technical innovation hasn’t suffered as a result.
Competitiveness and efficiency featured high on the agenda for firms surveyed with case management offering the best value for money in achieving both, after AI/Machine Learning. Law firms continue to be up against cost pressures, so it doesn’t come as a surprise that maximising efficiency is a top priority.
However just doing things well is no longer good enough, consumers are demanding. The challenge now really is around productivity and by that I mean doing things well but also doing them quickly. So seeing automation ranked so highly in these survey results is in line with this industry shift. One surprise however is that only 16% of firms have invested in e-signatures. With paper signatures wasting on average 6.8 hours a week, the expectation would be to see e-signatures being a huge productivity priority for 2018 as well as part of firms’ security procedures.
Conveyancing is listed as the number one legal process that can be improved by automation, highlighting further this need for speed and accuracy. Consumers consistently site that conveyancing is the most complicated and time consuming part of the house buying process. Technology is the key here, it can not only improve and automate processes, it can speed them up as well. Speed is a necessary requirement for the modern law firm in an age where consumers expect more instant responses.
Overall having a robust practice and case management system tightly integrated with best-of-breed solution providers, who speed up individual tasks, will be key to overcoming efficiency and productivity challenges in 2018. The need for an innovative system, capable of delivering quality and quantity against a backdrop of security is now not just a nice to have. It’s a necessity. Doing it right and doing it fast – well that’s only going to aid competitiveness. Another essential priority for the modern law firm.”
Product Director at Tikit
Click here to download the full LPM Legal IT Landscapes Report