Legaltech® News (LTN) just published their survey on technology issues for the 2024 LTN Law Firm Tech Survey. Here’s what they found.
As discussed by Rhys Dipshan (By the Numbers: The 2024 LTN Law Firm Tech Survey, available here), LTN spoke with 30 technologists at top U.S. law firms to get a sense of what technology issues they faced over the past year, how their technology posture, policies and investments are changing, and their thoughts on technology’s impact on the future of the legal industry.
Here are some of the most notable findings from the 2024 LTN Law Firm Tech Survey:
- 53.84% of respondents said that the price of cyber insurance has increased in the past year.
- 62.07% of respondents said that their firm doesn’t offer proprietary technology developed in-house for client or internal uses.
- Most firms (58.62%) do not restrict lawyers from using text or chat messages when communicating with clients.
- 43.33% of respondents have a specific department or role devoted to working with artificial intelligence (AI).
- Only 46.67% of responding firms are leveraging generative AI models for internal or external work, but 50% more are “looking into it”. 🤣
- 41.38% of respondents believe advanced technology such as generative AI will lessen their firm’s reliance on the billable hour. Another 27.59% of respondents aren’t sure. Wow.
You can check out the animated infographic from the 2024 LTN Law Firm Tech Survey (which has more findings) here.
Speaking of surveys: We Need Your Help! The eDiscovery Today State of the Industry Report survey is currently live, with 12 questions about the state of the eDiscovery industry, including questions on generative AI, technology assisted review (TAR), mobile device and collaboration app discovery, eDiscovery use cases, hyperlinked files, and more! Takes two minutes to fill out. Please check it out here – doing so will get you a FREE copy of the report when it’s published in January.
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So, what do you think? Are you surprised by any of the survey findings? Please share any comments you might have or if you’d like to know more about a particular topic.
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