There are many legal industry trends and among those of special interest to this division of LexisNexis are those that revolve around software.
At the 2014 ILTA conference the top executive in our software division had an opportunity to present to a core group of customers that had also gathered at the show. For some in attendance, it was a first look at a broader software division that now includes products for both business of law and litigation.
The presentation matches up our assessment of the top legal software trends with the products we believe are meeting those trends. For those that would like a deeper look at the portfolio or at the new Software Center of Excellence based in here in Raleigh, NC, the presentation is embedded nearby.
For the purposes of this post, we’ve highlighted just the five key trends in legal software.
1. Increasing Corporate Counsel Focus on Legal Cost Management
- 71%: In-House Counsel under significant pressure to reduce legal costs
- 38%: Plan to make changes to department spending habits in 2014
- 24%: Of Law Firms describe rate pressure from Corporate Counsel as pervasive
2. Emergence of Cloud and Mobile Solutions
- 91%: Lawyers are using smart phones for law-related tasks outside the office
- 72%: Legal professionals believe law firms overall are more likely to consider the cloud
- 70%: Of firms are currently using, implementing or have cloud solutions on their IT roadmap
3. Need New Tools to Maximize Revenue
- 66%: Firm leaders say growing firm revenue is a top 3 priority for their firm
- 35%: Large law firms are 35% of large law firms’ revenues declining
- 2.4%: Amount of total revenue that firms are spending on marketing/business development
4. Demand for Big Data Decision Making Tools
- 16%: Law firms indicate that big data tools will lead to more strategic use of data
- 85%: IT People agree that Big Data tools can lead to more informed, data-driven decisions
- 2.5TB: 1/3 companies involved in e-discovery now average 2.5 Terabytes+ of data per legal matter
5. Increased Demand for End-to-End Solutions
- 79%: Increased Demand for End-to-End Solutions
- 4 of 9: Vendors in Gartner’s leader category reported an acquisition in the past 2 years
* * *
What trends – specifically to legal software – would you add?
If you enjoyed this post, you might also like:
Legal Industry Evolution: Back To Business