The fundamental shift in ways-of-working in 2020 has forced legal professionals to re-think the way they deliver legal services. As an industry which has been notoriously resistant to adoption of advanced technology, 2020 saw the sector absorb five to 10 years’ worth of technology adoption into 12 months, and more than eight in 10 firms plan to further increase their investment in technology this year.
The longstanding resistance by legal professionals to adopt cutting-edge technology is fast evaporating, according to Paul Fischer, interim president of the Legal Professionals business for Thomson Reuters. “Last year, as firms served clients virtually and managed their daily workflow away from their offices, we saw rapidly changing attitudes about cloud and digital workflow tools. Lawyers and legal professionals experienced the power of technology in the successful transition to working from home and in finding new ways to improve efficiency and reduce costs,” he said.
“Nearly 85% of law firms plan to increase their technology investment this year, emphasising how attitudes have rapidly changed over the past year, and much of that change has focused on digital workflow tools and solutions using the cloud,” said Fischer.
As legal professionals seek out new ways to automate and streamline their processes, Thomson Reuters is addressing shifting market needs with significant technology enhancements across its stable of leading legal software products and services, including its cloud-based legal collaboration platform, HighQ, and its online store where users can research, trial and purchase a wide range of trusted and tested solutions, Marketplace. The applications, solutions and services available will add greater value to the technology investments users have already made.
“The current demand from the legal sector for tech-centric, and particularly cloud-based, enablement solutions is unprecedented,” said Carl Olson, Vice President, Proposition & Client Relationship Management, Thomson Reuters. “To address this surging demand Thomson Reuters has doubled-down on driving a number of enhancements across our solutions-set where we can see that our clients will gain the most advantage. To this end, we are delighted to be bringing these new capabilities to our markets across Asia & Emerging Markets.”
 The Thomson Reuters 2021 Report on the State of the Legal Market
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