What tech are in-house teams spending their money on?
A new report has uncovered the most commonly used technology within corporate legal teams.
According to the second annual 2019 State of the Industry survey, released by the Corporate Legal Operations Consortium (CLOC), majority of companies asked rely on third-party tech solutions for their legal department needs, with the adoption of legal tech increasing across companies of all sizes and industries.
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On average 37 per cent of companies spent more than $750,000 on legal technology in 2018, the report found.
Further, average legal technology spend for mid-size companies with in-house engineering resources in 2018 sat around the $1 million mark.
In terms of the most popular technology, 78 per cent said they use some kind of e-billing system.
The report found five e-billing vendors account for 60 per cent of the market share among respondents with an e-billing system. These were identified as LexisNexis CounselLink, Mitratech Collaborati/TeamConnect, SimpleLegal, Thomson Reuters Legal Tracker and TyMetrix 360.
Meanwhile, 65 per cent of respondents stated they use a contract management system, with the report finding over 30 vendors are being used among the 112 companies which said they use such system.
The survey also identified the take-up of artificial intelligence among corporate legal teams.
“While the use of artificial intelligence in legal departments is still in early stages, many see its promise and are already starting to explore how best to leverage it,” the report said.
Of those surveyed, 45 per cent said they’re exploring the use of AI to reduce legal workload, gain more insight, and/or improve performance.
Eleven per cent of respondents stated they’re currently using artificial intelligence within their tools and processes. Of these, 84 per cent of these respondents have a technology roadmap, or are currently developing one.
Oppositely, 37 per cent of respondents that are not exploring or using AI do not have a technology roadmap.