Big firms up tech spending

Large firms are making massive investments in updating their technology in order to improve efficiency.

Big firms up tech spending
A recent survey in the US has revealed that many large law firms are devoting more of their budgets to technology and other system upgrades.

The International Legal Technology Association and InsideLegal surveyed 281 law firms, half of which had increased their tech spend, around six per cent more than the previous year, according to Bloomberg.

While spending amounts vary from firm to firm, the majority of respondents spent between two and four per cent of the firm’s total revenue on technology investments.

When it came to the main issues preoccupying IT teams, email management topped the list.

“Email management tops the legal IT issue lists and has been named the biggest challenge facing IT departments for the 7th consecutive year.  Cloud-related security risks are not far behind followed by risk management and compliance, mobility/mobile devices and security/facilities,” the report stated.

The report also flagged that keeping lawyers up to date may be the next challenge in investing in technology.  While tech spending in previous years has predominately been around anti-virus software and computers, firms are now investing in developing new networks that keep staff up to date and provide multiple functions from the one platform.

The upsurge in technology spending is likely to be as a result of previously deferred work in the wake of the recession.

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

Service to others is ‘a way of life’ for Maurice Blackburn principal

US DOJ calls for Affordable Care Act to be struck down

New managing partner celebrates first day on the job at Carroll & O'Dea Lawyers

JWS appoints new managing partner

Game Legal advises on cross-border e-sports team-up

Reed Smith celebrates 40th year in APAC with new managing partner

Most Read Articles

G+T raises a glass to drinks giant on the closing of largest M&A transaction in Australia for 2019

Seven make partner at Corrs Chambers Westgarth

JWS appoints new managing partner

Maddocks advises in sale of New Zealand medtech company