The excitement surrounding artificial intelligence and technological advancements in the legal sector is not just hype. The trend is clear: there’s a consistent increase in the funds allocated for legal technology. This surge is driven by the need for law practices, regardless of size, to adopt online platforms, automate tasks, embrace remote operations, and integrate other digital workflows to remain competitive and align with client demands.
A recent forecast by Gartner suggests that by 2025, the expenditure on legal technology will nearly triple compared to the figures from 2020. In 2022 alone, the industry was valued at nearly $24B and is expected to reach $70B by 2032.
Investors are expected to pour $1.5B into legal tech start-ups this year with most allocated toward regulatory, document review, contract drafting, legal analytics and case management platforms.
As the legal tech ecosystem expands, so does the need to hire top-tier talent. When the demand for SaaS professionals is high there is fierce competition among software and service providers vying for the same talent. Connect with me to find skilled individuals that can drive hyper growth for your organization.