P2P

A s we've all come to recognize, the global COVID-19 crisis was an accelerant for technology adoption by law firms and corporate legal departments. Organizations relied on remote technologies to continue their normal day-to- day operations and thrive amidst a dramatically changed working environment. The COVID- 19 crisis not only demonstrated the importance of technology to law firms and corporate legal departments, but also made technology spending mandatory for continuity of business. The last two years of pandemic- related disruptions have set a new baseline for "normal" operations. As law firms and legal departments across the world continue adapting to the post-pandemic working environment, experts expect that accelerating technology adoption and transformation will be a key priority. According to the 2021 Report on the State of the Legal Market by the Center on Ethics and the Legal Profession at the Georgetown University Law Center, 85% of law firms plan to increase their technology investment to achieve greater efficiency and productivity. Yet, with an avalanche of new legal tech products being developed almost daily, how do law firms and corporate legal departments know they are getting the right legal software? Pain Points for Law Firms and Legal Departments Recent customer research by Thomson Reuters highlights that law firms and legal departments use an average of seven to ten third-party tools to accomplish their tasks. Their needs vary from collaboration to communication, project management to service management, time keeping to billing, invoicing to book-keeping, and more. Legal professionals need new tools to accomplish these tasks efficiently, to deliver the best client service possible. However, identifying and evaluating tools and the technologies behind them can be a cumbersome and complex process. Often these tools aren't integrated from a workflow perspective. Nobody wants to have to stop and think about the tools and products they are using. What is important is being able to accomplish tasks efficiently and providing the best client service possible. What are some common pain points in identifying and evaluating new tools? • Administrative Overhead: It takes time to research which of numerous available tools will get the job done. What works seamlessly with what they already have? Which vendors have appropriate security and regulatory protocols, and growth roadmaps? A significant amount of time is spent on this administrative overhead. 45 I L T A N E T . O R G Page 2 of 7 What are some common pain points in identifying and evaluating new tools? • Administrative Overhead: It takes time to research which of numerous available tools will get the job done. What works seamlessly with what they already have? Which vendors have appropriate security and regulatory protocols, and growth roadmaps? A significant amount of time is spent on this administrative overhead. • Trust: The legal tech industry is growing rapidly with new entrants, including many early-stage start- ups. Which vendors will still be around in five years? • No Interoperability: Even after newly acquired tools are in place, the lack of interoperability between these tools and existing software limits efficiency and productivity. This frustration is exacerbated when compared to how many personal consumer apps works (for e.g., one-click purchases and installation). • Cost: There is often significant cost for consultation, implementation and set up for newly purchased tools. Needs Communication Collaboration Project Management Service Management Time Keeping Billing Invoicing Book Keeping

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