The most surprising Legal tech industry statistics for 2024
The legal sector is on the cusp of a technological revolution, and as legal professionals, navigating this future is both an opportunity and a challenge. In 2024, the legal industry will be shaped by a select group of software trends that promise to redefine how attorneys operate and deliver legal services.
“The worldwide Legal tech market is expected to reach $37.9 billion by the year 2027.”
While the number of pending cases in India's legal industry is at an all-time high, the usage of technology is highly required. When technology is implemented, it will greatly improve the legal profession. They would provide data analytics and visualization tools to attorneys to help in legal decision-making.
“Significant progress was achieved in analytics-related technology in 2022, with 60% of departments reporting having adopted a legal data analytics tool (up from 52% last year) and 26% reporting adopting artificial intelligence for at least one use case (up from 15% last year).”
These technologies can process massive quantities of data and show it in visually appealing ways. Thus, helping lawyers develop data-driven arguments and forecasts, empowering their case strategy.
“54% of lawyers believe AI tools can be used in legal practices and save time on research and analysis.”
Chatbots and NLPs can be used in the legal practice for client interactions and providing 24*7 support for general legal queries. With this automation, legal businesses will acquire increased client satisfaction and attorneys can free up their essential time for complicated cases.
Top Technology Trends in the Legal Sector for 2024
Technology developments have emerged as a benefit that not only streamlines legal operations but also alters the way judicial proceedings are conducted these days. Let’s delve further into the top Legal software technology trends that will shape the legal industry in 2024, presenting legal practitioners with perfect insights and tactics to keep them at the forefront of innovation.