Legal Tech's Predictions for the Business of Law in 2023 | Legaltech … – Law.com
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EXPERT OPINION
Legal industry experts weigh in on what to expect from legal tech spending, ALSPs, legal ops and more in the next year.
January 04, 2023 at 09:15 AM
12 minute read
Legal Services
As we enter 2023, it’s become abundantly clear that law is a business—success no longer relies on mastering the law, but mastering budgets, revenues, staffing, outsourcing, technology and more. Whether it’s the incorporation of individual tools for analytics or CLM, or a complete overall digital transformation, technology has forever changed the way lawyers have to practice law if they want to succeed.
In addition, law firms are seeing more competition than ever when it comes to the delivery of legal services. The rise of legal ops has had a significant impact on the relationship between legal departments and their outside counsel. Alternative legal service providers (ALSPs) are equally changing the game in most areas of legal practice, from staffing to cybersecurity. Some firms are even creating their own internal tech consultancies or captive ALSPs to try to keep up.
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