Workloads at law firms and legal departments will soon be unmanageable as lawyers are forced to produce more for less if they do not leverage technology, research carried out on the US has revealed. With the market for legal software now worth $15.9 billion annually, the survey found that legal departments were spending about 25 per cent of what they should be - $1.6 billion in a market worth $6.5 billion.
Whilst all technology segments were growing, governance and compliance and contracts management are predicted to see the fastest growth in technology. Mitratech, which carried out the research, 'Catching the Wave: Legal Technology Spend at $3 Billion and Growing,' claims the legal marketplace is worth $15.9 billion annually but is seeing spend at around $3 billion annually. Source: Inside Counsel