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The 2024 In-house Legal Technology Report captures a snapshot of the current legal technology landscape - and uncovers the top trends, challenges, and opportunities facing in-house legal teams this year.
InView is proud to present the 2024 In-House Legal Technology Report - your definitive guide to the current state of in-house legal technology and its impact on business efficiencies and objectives. With perspectives gathered from a broad range of in-house legal professionals across the United States, Australia, and the United Kingdom in October 2023, the report reveals some of the biggest challenges facing in-house legal teams today - and how emerging trends in tech are being leveraged to meet them.
While 2024 is set to be a dynamic year for global business, it brings with it a raft of issues for in-house legal professionals to overcome. Although the post-pandemic dust has now settled, an unpredictable economic climate combined with rising regulatory pressures continues to present a tough balancing act for corporate legal teams. However, with innovation in the legal technology market going from strength to strength, this year is also ripe with opportunity for growth.
Tackling topics ranging from the main roadblocks experienced by in-house legal teams to adoption trends and concerns around AI and the key drivers influencing technology purchase decisions, the report paints a picture of a corporate legal profession which continues to be burdened by rising workloads, staffing challenges, and manual administrative work.
With teams resoundingly recognizing the business case for consolidated legal software, many are also cautiously embracing its more cutting-edge aspects - but there remains space for maturation if legal teams are to fully realize the benefits of the technologies on offer.
Key takeaways
- Efficiency is the number one priority. With workloads increasing and demand for the services of corporate legal teams on the rise, the primary mission this year is to optimize efficiency.
- Staffing is the number one challenge. Followed closely by regulatory and political pressures, hiring and retaining talent emerges as the top challenge faced by in-house legal teams this year.
- Administrative work remains a burden. In-house legal teams are still spending significant time on manual administrative tasks, compromising their ability to focus on higher-value work.
- Reliance on multiple tools causes pain points. The biggest pain points associated with current software all relate to problems associated with utilizing multiple tools. These include time lost jumping between platforms, lack of integrations, and underuse of full functionalities on offer.
- AI and consolidated solutions to the rescue. Confidence is high among in-house legal teams that AI and full suite consolidated solutions are the answer to efficiency and productivity challenges.
- Adoption is rising - but there’s space for maturation. Most in-house legal teams are now either utilizing AI technology or plan to in the next 12 months - but with complex use cases seeing lower adoption rates, there’s space for maturation. With many teams still relying on multiple software solutions, opportunities remain to consolidate tech stacks to optimize efficiency gains.
Download the full report to compare your own legal technology adoption status with industry peers, discover how to address your biggest challenges in-house, and learn how implementing the right technology solution can help you serve your business.
