Credit: Montri/Adobe Stock Gen AI Could Disrupt Legal Tech Procurement Cycles—and Squeeze the Market
Legal technology vendors operating outside of the generative AI bubble could find themselves having a harder time breaking through firms' lengthy procurement processes—especially as many firms are laser focusing on the new technology.
June 13, 2023 at 06:01 PM
4 minute read
Last fall, when law firms sat down to draft their budgets for the upcoming year, it's fair to say that few anticipated the impact that OpenAI's ChatGPT and generative AI advancements would bring to the legal industry.
For legal technology vendors sitting on the other side of the industry, the effects of that technology have varied significantly. During the "Understanding the Budget Cycle in Legal Tech Buying" session from the Legal Tech Consultants webinar series, panelists discussed how, while the legal tech market has sped up, firms' procurement processes haven't always followed suit, forcing vendors to rethink some of their selling practices.
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