Increase In Legal Tech Spending Next Year

According to a recent survey of 300 senior legal and finance leaders in financial services who are responsible for overall legal spending, most have invested heavily in legal tech over the past three years, and intend to up the ante in 2022. Nearly three-quarter of respondents said the level of investment their company allocates to legal tech tools over the next 12 months would “increase” or “increase significantly.” Their CFOs are all in as well, with more than 80 percent anticipating higher spend on legal tech. The areas respondents are most interested in are risk management, legal (not legal tech) spend management and e-billing. Contract management, compliance and data analytics were often-mentioned as well.