Inflation Might Pressure Legal Tech Vendors to Increase Pricing Transparency
Prices have always been a murky aspect of the legal tech market, but as inflation rises across industries, some think increasing pricing transparency might just be the thing that gives vendors a competitive edge in a tough economy.
April 06, 2022 at 10:50 AM
5 minute read
Amid a slew of technological advances and new tools that have transformed the legal industry in recent years, one aspect of legal technology has remained consistently elusive: pricing.
Like attorneys, legal tech vendors are known to keep their cards close to their chests about the rates at which their tools fare in the market, at least until they are approached by a client already far along into the procurement process.
The reason for opaque pricing within legal tech is a combination of culture, diverse use cases within tools, and a lack of outward demand for change. However, as inflation rates begin to soar across almost every vertical, some professionals believe it might be the time for pricing transparency to become a competitive advantage among legal tech vendors.
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