Technology is not the core business of law firms, but its role in empowering and enhancing law firm operations is increasing at a significant rate. More specifically, an oft-cited Gartner study of legal technology spend from Q1 2021 forecasted a threefold increase by 2025, with corporate law department tech spending exploding from three to twelve percent in the same epoch.

The lion’s share of the buzz in tech relates not to administrative spend, but areas like the cloud, AI, BI, workflow, no/low code, and other burgeoning technologies. But, not unlike an offensive lineman in football, there’s a pressing need for “below the radar” functions like asset management and financial tracking within legal technology. And these needs will increase in importance as the forecasted spend uptick comes to fruition.

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