Our friends at PWC, across the North Sea, have recently published the results of their annual Law Firms' Survey. This survey, conducted with the participation of leading law firms in the United Kingdom, reveals intriguing trends shaping the future of the legal profession.
The strategic use of AI and legal tech particularly stands out. We can always learn from the British, and the statistics from their market have predictive value for trends here in the Netherlands. Want to stay informed about these developments? Then take a quick look at the key takeaways below! Promise, it’ll only take you 2 minutes.
Investing in Legal Tech: A Rising Priority
The research shows that technology investments hold a significant place in the strategic plans of firms, especially to increase efficiency and resilience. Here are some notable points:
Increasing IT Expenditures: Despite a growing number of employees, Top 10 and Top 51-100 firms reported a significant increase in IT spending per user—an increase of 11.4%, respectively. This demonstrates how dependent the sector has become on technological tools to boost productivity.Targeted Technological Investments: Among the top three IT priorities for the next two years is the “implementation of new technologies,” highlighting where law firms’ strategic focus lies.
Generative AI: Transforming Legal Services
AI, especially Generative AI (GenAI), is no longer just on the horizon but has become a breakthrough technology already in use. Here are a few key insights:
Widespread Use and Experimentation: Nearly 90% of Top 100 firms have implemented or are experimenting with GenAI tools, compared to only 55% last year.High Productivity Expectations: Among Top 10 firms, 83% expect GenAI to boost productivity, enabling them to handle more work for the same clients.Automation of Billable Hours: Around half of the Top 100 firms believe that GenAI can automate at least 10% of billable hours.
The Challenges: Reskilling and Cultural Change
The use of AI calls for retraining partners and employees and fostering a culture that embraces technology.
Conclusion: Discovering Opportunities with Legal Tech
The Law Firms’ Survey 2024 makes it clear that the legal sector stands on the brink of major changes driven by AI and technological advancements.
Curious about the full report? You can find it here: Annual Law Firms’ Survey 2024 - PwC UK
Photo credits: PWC
