Leveraging technology dollars. The BTI Consulting Group’s research, conducted with more than 60 law firm CIOs, reveals that midsize firms spend an average of $17,700 per lawyer on technology. Large firms spend an average of $25,800 per lawyer. BTI predicts technology spending will climb steadily over the next 18 months. Nearly half (48.3 percent) of the CIOs plan a marked increase in their technology spending over the next 6 to 12 months. Three key areas drive near-term growth in tech budgets:
(1) litigation support systems, (2) online training, and (3) new software such as matter management, e-billing and client relationship management. “Clients directly translate their law firm’s investment in technology as an investment in the client relationship,” explains BTI lead analyst Marcie L. Borgal. “Technology is a powerful conduit to improve client communications, increase information sharing and deliver more value to clients—and clients take notice.”
Source: Unpublished data from law firm CIOs regarding technology budgets and spending collected by The BTI Consulting Group, a Boston-based market research and management consulting firm. Learn more at www.bticonsulting.com. Also, see the online surveys posted monthly in the LPM Section’s Law Practice Today Webzine at www.lawpracticetoday.org.