1、Legal Technology Update Harris Williams|Q3 2022Legal Technology Update Q3 2022Robust market tailwinds and pandemic-induced pressures have led to an increasingly competitive and digitized legal environment.2Legal Technology Sector Observations and Key TrendsAsking more-for-less and increased commitme

2、nt to outcome/transparencyCorporates are increasingly using in-house counsels instead of hiring law firms,plus focusing on value-add by growing in-house LegalOps disciplineLaw firms and corporates want a single provider of holistic LegalTech solutionsClients are needing technology to increase differ

3、entiation on both the front office client experience and back office operations Increasing Client DemandsBig Four and ALSPs1are now competing in traditional law firm marketInnovator ALSPs,such as Ontra and Juro(automating the management of legal documents),are differentiating through new solution-ba

4、sed service models and usage-based charging modelsGrowing Competitive PressuresIncreasing recognition that cloud-based software has equivalent,if not superior,levels of protectionRealizing added benefits for remote access and collaboration,with the pandemic accelerating adoption of these technologie

5、s by c.5 yearsGreater need for corporates to detect,respond to,and recover from threats,made easier through singular technology providersHigher Levels of Comfort with Public CloudSome law firms are shifting to a fixed revenue model as clients push back on billable hour model,leading them to seek eff

6、iciencies through a singular LegalTech productCorporate legal budgets are under pressure due to an increased drive for efficiencyFocus on tech enabling higher client/lawyer ratios to drive efficiency and revenueIncreasing Technology BudgetsIncreasingly global view of brands and level of global compl