Market Study on Legal Technology
Today I participated in a webinar hosted by ACEDS: Redefining the Relationship Between Law School and Legal Practice. The speakers were Ari Kaplan, a legal industry analyst; Steve Harber of Seal Software; and Erin Felker Bond, an assistant dean of New York Law School.
The discussion focused on a study conducted for New York Law School by Kaplan: The Business of Law: A Market Research Study to Explore Opportunities for New York Law School Students. 114 lawyers at law firms and corporate legal departments completed a survey. New York Law School will inaugurate its Business of Law Institute for its 2018-2019 academic year to help educate its students in different areas of legal technology.
The study found that employers stressed the importance of understanding cybersecurity; electronic discovery; privacy; and risk and compliance. Flat-fee subscription pricing for commodity tasks was the area which 46% of respondents saw as the top area for growth at their firm, with only 30% identifying e-discovery services; 30% consulting; and 26% other areas.
Cybersecurity was the top field in which firms believed they could increase their revenue by developing capabilities superior to other firms.
75% of the respondents had separate e-discovery and cybersecurity practice groups. Interestingly, 41% of firms thought that they could bill first and second year associates as specialists.
Many law firms sought to empower their paralegals in various technical fields, especially e-discovery and project management.