This development could become dangerous for midsized firms: they have often profited from standardization in some areas of legal advice. Instructions where the high fees of large firms were no longer justified often wandered over to them. But with “computer colleagues”, even the large firms will be able to offer cheaper due diligence, for example. The problem is exacerbated by the fact that midsized German firms are not likely to have the means to invest in the new technology that their global competitors have. These firms would do well to develop a legal tech strategy that fits in with their own advisory work.

It is often difficult for legal departments to push some investments through, and thinking is generally conservative. Combined with the widespread disinterest in law firms’ IT innovations, this could result in them becoming entirely dependent on external advisors, rather than influencing developments through their hiring practices.

Find out how legal tech has already changed the legal landscape

Seiten: 1234

  • Teilen