The Technology Imperative: Digital disruption in the legal sector
07 November 2018
Original content provided by BDO United Kingdom
With technology set to grow significantly over the next 5-10 years in the legal sector, the need for action by UK law firms is becoming crucial.
As the LawTech market rapidly evolves and with investment in legal start-ups on the rise, law firms are recognising the transformative potential that new technologies have to offer. Our survey of almost 40 senior decision makers in the legal sector showed unanimous agreement (95%) that their firms’ investment in technology would likely increase over the next 5 to 10 years. This is echoed by Government, legal regulators and professional bodies who are becoming more active in their positioning around the issue.
However, our research also demonstrates a lack of clarity amongst law firms in how and where to invest. With significant barriers to the uptake of innovations, as well as multiple options for investment, which include but are not limited to - Cyber Security, Blockchain and IT infrastructure - there is certainly no one-size fits all approach.
In our short report, we explore the barriers to investment and look at the difficult questions the legal sector need to answer in order to find a way forward.