Dissolving In-House Legal Troubles: The Need for A Single Legal Management Tool

By Sam Kidd, CEO and Co-founder of LawVu In a time of massive technological advancement, businesses everywhere are taking a second look at their current practices and tools to determine what where they can increase productivity and cut costs, considering a possible recession. For in-house legal departments, some of the busiest, under-resourced, and expensive teams within any organization, implementing technology to increase employee efficiency is critical to a company’s bottom line. In fact, legal technology spending is expected to increase to 12% by 2025, a threefold increase from 2020, according to Gartner .  With numerous new technology options emerging that exist to solve various pieces of a team’s workflow, concerns are constantly floating around regarding best tech practices. The 2022 In-House Legal Technology Report (the Report), a newly released piece of research conducted with 500 in-house lawyers and legal operations professionals across the US and UK, provides insights on legal technology and workflow efficiencies. The Report concludes that the industry faces three big challenges, as well as sheds light on potential solutions to these concerns. Challenge #1: 90% of in-house teams work in three or more management systems For busy legal departments, the dream is a management tool that does it all in one place. Even as one of the largest request-heavy departments in the business, a whopping 90% of in-house legal teams are managing tasks with three or more software vendors. Alarmingly, 33% are using more than five vendors. Most of these platforms are not built for legal teams ... Full story available on Benzinga.com