LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Today, LexisNexis® Legal & Professional, a leading global provider of AI-powered analytics and decision tools, released a new report – Innovating the client experience: Law firms can offer much more than legal expertise – which reveals a sharp demand from lawyers for greater tech investment.
The survey of 800+ UK legal professionals found in-house legal counsel will need their external counsel to be cost-effective (74%), responsive and agile (67%), and offer specialist legal expertise (44%), all of which require an investment in new technology and innovation.
However, the survey revealed only 18% of private practice lawyers believe their firm is fast or very fast at implementing new technology. Nearing three-quarters (70%) said their firm is adequate, slow or very slow. Responding to change and making use of data and analytics are also areas in need of greater innovation. Two-thirds (67%) of legal professionals said their firm is adequate, slow or very slow at responding to change, while more than half (58%) said the same about data and analytics.
The survey also revealed many firms are being slowed down by sluggish systems and processes. When asked how quickly their firm conducts legal research, more than half (52%) of private practice lawyers rated their firm as adequate, slow or very slow. Drafting and reviewing legal documents was also considered a challenging area by many, with 45% saying their firm is adequate, slow or very slow. Concerningly, more than a third (35%) said their firm is adequate, slow or very slow at delivering legal work in general. As a potential solution, more than half (57%) of private practice lawyers expect their firms to become more reliant on AI for legal research and document review in the next one to three years, which could streamline processes.
Another potential downside to failing to invest in innovation is a loss of talent. If a firm failed to embrace AI, a quarter (25%) of all lawyers said it would negatively impact their careers, and 11% said they would consider leaving. This escalated at larger firms, with one third (36%) of lawyers saying it would negatively impact their career, and one in five (19%) saying they would consider leaving.
Stuart Greenhill, Senior Director of Segments at LexisNexis UK, commented “To remain competitive, firms will need to deliver a superior, data-driven legal service, at the same cost or lower, and at pace – and to keep clients informed of any legal or regulatory developments.
Achieving all this without the help of modern technology will be difficult. To secure client relationships, firms will need to invest in a streamlined, data-driven client offering.”
Notes for editors
- This press release is embargoed until 00:01 GMT on Thursday 20th February 2025
- The report can be accessed here: www.lexisnexis.co.uk/research-and-reports/innovation-as-a-competitive-edge.html
Name: Matthew Leopold Email: matthew.leopold@lexisnexis.co.uk Job Title: Head of Communications
