There has been a great deal of trepidation for a number of reasons when it comes to Financial and Legal firms adopting cloud services. Privacy and Security is without a doubt the biggest of all the concerns. However, there is a silver lining with some promising trends.
Matt Spiegel, a Lawyer and Founder of My Case and CloudTweaks contributor indicates that things are changing. “Despite the hesitations of lifelong attorneys who are reluctant to change their tried and true practices or new attorneys hung up on certain anxieties around new technology, it’s undisputed that the industry at large is moving steadily toward widespread utilization of Web-based systems. One reason for this movement is a response to client needs. Even the most technologically skeptical of lawyers can see the advantages of giving clients options that help them better manage and understand their legal experiences…”
The global legal services market, according to MarketLine had total revenues of $610.4 Billion in 2013, representing a compound annual growth rate (CAGR) of 3% between 2009 and 2013 and is expected to drive the market to a value of $750.9 Billion by the end of 2018.
Attached is an insightful infographic by LexisNexis / Raconteur providing you with a nice breakdown of the top 10 innovations law firms are currently making.
