Workplace technology gaining momentum across legal industry
Strata Project Management Group
Project management and consulting services, meticulously executing from start to satisfaction.
Since the beginning of the office, technology has been the key differentiator across industries. From the telephone and computers, to email and smartphones; using technology to create efficiency has been as reliable as the 5-day work week. This equation has shifted dramatically over the last 2 years spurred by adaptations from necessity due to the global pandemic.?
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The office environment has benefited from and likely is forever changed by its acceptance of new technology to facilitate the new work environment. Hybrid and remote work, once experimental, are now the price of entry for companies. As new ways of integrating hybrid and in-office teams emerge, the technology infrastructure and cultural norms required to support this new way of work are often not included in CAPEX or OPEX budgets. For operational leaders, assessing and implementing a technology strategy to efficiently bridge the gap between hybrid and in-office worker environments must feel like an unending maze of ever-changing options. Creating consistency and repeatable results for your firm is a difficult proposition when change is constant.??
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The sheer volume of options further exacerbates this issue. As capital flows into technology innovations in industries typically reluctant or slow to change, firms willing to embrace this change are well positioned for success. For example, the legal industry long known for its slow to change approach to technology has seen Legal Tech improvements gain momentum and more importantly budgets to test improvements. Per Thomson Reuters 2022 Dynamic Law Firm report, firms large and small are increasing technology spend per associate with the very best firms increasing by $1,000 per lawyer post-pandemic. This investment, in conjunction with Legal Tech Venture Capital investment, will lead to new advancements in software and hardware being generated to innovate the space. In 2021, Venture Capital investment in Legal Tech doubled year over year and has multiplied by 10x over the last 5 years with 2022 investment reaching similar levels, according to Crunchbase News. Already integrators are entering the market to create platforms specialized for law firms to consolidate an incredibly fractured supplier market.??
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A few legal tech innovations being tested and adopted by the most experimental firms:?
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Now more than ever, companies are being forced to create differentiation. Unquestionably, hybrid work policies and company culture are key components to recruiting talent. Digging deeper, our research notes a company’s technology plan as the biggest driver in securing and maintaining high value talent in competitive professional industries such as law firms. Leaning into new technology creates opportunity for improved efficiency and a healthy talent pipeline.??
At Strata, we have helped hundreds of clients improve their operations through change management, workplace consulting and project management. Let us help integrate your physical space against rapidly changing technology to support your most valuable asset – your people. The future of the office may not always rely on a perfected hybrid policy, but it will be based on your company's preparedness for integration of future technology. If you're ready to see what's next in your business, give us a call we would be excited to share our experience. ??