Legal tech raised a record $1.2 billion this year, but it may not be all well spent. Industry observers say there’s too many products offering similar solutions, which leads to a crowded, indistinguishable marketplace. Observers say that’s partially the reason legal tech spending has declined in recent years.

A recent HSBC UK survey found 27% of U.K. law firms were investing 5% of their revenue in tech, a steady dip from 2018’s 44% and 2017’s 75%. Corporate legal departments’ tech spend is also declining, according to a Reuters survey. Only 27% of respondents to the “Legal Tracker LDO Index” report said they would increase their tech budget, compared to 34% last year. 

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