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A question as to how much Aussie legal teams have allocated to their technology budget has been put to in-house professionals, yielding some varied results.
Thomson Reuters Legal Australia, in partnership with Momentum Intelligence, recently produced the In-House Legal Tech Report, detailing sentiments surrounding tech in the corporate counsel landscape.
An overwhelming majority – 53 per cent – cited that they did not know what budget is allocated for technology spending. The report noted that “this figure is higher amongst respondents who do not currently have access to any legal technology than for those who do, and may indicate in some cases, that there is no budget allocation for technology within their department”.
“Respondents who are aware of their technology budget most commonly indicated a modest budget of less than $10,000,” the report said, with 20 per cent of respondents selecting this dollar figure.
Meanwhile, 8 per cent of respondents said they have technology budgets between $10,000–$40,000. On the higher end of town, 5 per cent of respondents said their legal team has a technology budget that amounts to over $100,000.
The In-House Legal Tech Report was discussed on a recent episode of The Lawyers Weekly Show. Click here to listen to the podcast.
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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