Thomson Reuters has released the fourth Tech & the Law 2023 report, unveiling compelling insights on the future of legal innovation from over 1,000 legal professionals across Australia and New Zealand.
This year’s survey delves deeper into the impact of technology in the legal sector on efficiency, talent retention and improved client service. For the first time, the report also explores the emerging perceptions and fears around generative AI.
Preview of key insights
Divided into two parts – private practice and corporate counsel, the report reveals the key priorities and challenges ahead, with strategic insights to benchmark your business against those of your peers.
Private practice and corporate counsel are also placing more emphasis on technology to improve their operations and workflow by increasing their investment in this area. While legal departments and law firms are nuanced in many ways, they are aligned on improving their cybersecurity and data protection, too, by 52% of legal departments and 58% of law firms.
“As digital transformation and cybersecurity resilience gain prominence, legal practitioners face new opportunities to safeguard their clients’ interests and uphold the highest standards of data protection.” Carl Olson, Vice President of Proposition for Asia and Emerging Markets at Thomson Reuters.
Private practice insights
- The absence of innovation poses a flight risk.
- More efficient processes are highly valued among legal professionals.
Corporate counsel insights
- Cybersecurity breaches and mitigating data risks are key priorities.
- The right technological fit and vendor compatibility is crucial to the success of technology implementation projects.
Generative AI perceptions
- Some legal professionals are adopting AI to increase efficiency and reduce costs.
- Job security is a major concern for many legal professionals.
Follow the link to download the complimentary Thomson Reuters Tech & the Law 2023 report, sharing data and insights from over 1,000 Australian and New Zealand legal professionals.
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