Law Firms Are Investing in Tech Before It Overtakes Them
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The trend toward melding tech into law firms’ core business comes as both a response to a shifting legal market, where firms’ traditional business is coming under increased competition, and as a realization by firms that they are well-positioned to capitalize on the demand for tech and data-enabled services. And it is fundamentally altering what it means to be a law firm in the 21st century.
“The current climate of investing is part of a redefinition of the law firm model, where law firms are … leveraging an intuitive understanding of business to both support innovation and reimagine the law firm of the future,” says Ari Kaplan, a legal industry analyst and founder of Ari Kaplan Advisors.
The push into technology is a recognition that the market for legal services is changing and that, in the near future, the winners will increasingly be legal companies—law firms or alternative service providers—that can deliver efficient solutions.“The current climate of investing is part of a redefinition of the law firm model, where law firms are … leveraging an intuitive understanding of business to both support innovation and reimagine the law firm of the future,” says Ari Kaplan, a legal industry analyst and founder of Ari Kaplan Advisors.
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