Technology is both a threat and an opportunity for law firms. On one end, technology has opened the door for market disruptors like LegalZoom and Rocketlawyer who provide some legal services faster and cheaper than law firms. Some of the low-hanging fruit that law firms and attorneys used to be able to count on is disappearing–or long gone.
In a recent research study by Altman Weil, 21% of law firms surveyed said technology was a threat right now, and 53% of firms described technology as a future threat. But in many ways, technology is an opportunity for law firms. The proper technology can help law firms be better and faster, and it can provide law firms with the ability to provide clients with helpful information and analysis much faster than ever before.