For now, it may be too early to start using terms like "recession" or "economic downturn." But  the past few weeks have seen the tech sector's first real falter after consistent, at times soaring, highs throughout the pandemic years.

For legal technology investors, strategists say there isn't cause to panic just yet. But they still warn that legal tech could feel the effects of economic hardships months after a downturn hits the rest of the tech market.

And if there is in fact a financial slump, they expect clear winners and losers in the industry, with investors looking for safer players to pad their portfolios.