Predictions We Got Wrong + Those We Got Right – Part 2
Artificial Lawyer asked a range of people from across the sector the following question: Please tell us about one prediction / expectation you had that never materialised, and one that did – and why you think it turned out that way.
Jerry Levine, Chief Evangelist, ContractPodAi
What didn’t materialize:
I expected to see more consolidation in the legal technology space, but instead, we’ve seen a bigger shift toward platform solutions. This has created more room for everyone to work together and the growth of end-to-end solutions and portions that can plug into such solutions. The ‘enterprise-ification’ of legal technology vendors that have recognized the value of the solutions for contract lifecycle management (CLM) and other items that can be used across the enterprise will likely continue into the new year. In addition to the lack of consolidation within the legal technology space, we haven’t seen legal departments invest in new technology as much as initially planned for 2022, which is not surprising due to the current economic landscape. With law department leaders forced to reconsider their technology budgets in light of the recession, legal leaders were inhibited from investing as much as they maybe should’ve in new technology.
What did materialize:
As the idea of a hybrid work environment became even more concrete across industries and for legal teams in those industries, we saw widespread adoption of new tools that supported hybrid work. Technology has not only helped with productivity, accessibility and collaboration with colleagues remotely, but it’s also assisted in reducing employee burnout and stress. This is another trend that will continue into 2023 as our strange and confusing employment environment continues. It’s a complex and competitive job market, and businesses and legal will be better equipped to attract and retain talent in the new year by making smart investments in technology to help teams avoid burnout and stress.