Key trends for 2024
Less is more, cloud, and AI will be the dominant 2024 legal sector themes, says Billy Hume, marketing executive at PracticeEvolve
As we say goodbye to 2023, it’s a time to reflect on our achievements and glimpse into the ever-evolving landscape of the legal industry. At PracticeEvolve, we can certainly take pride in the launch of EvolveGo, our cloud-based legal practice management solution designed for mid-tier law firms.
Its launch exceeded our expectations in the Australian market and paved the way for its introduction in the UK earlier this year. However, as we celebrate our past accomplishments, it’s equally crucial to anticipate the trends that will shape the legal tech world in 2024 and beyond. So, here are my thoughts on what’s brewing in the market.
The age of simplicity
Our recent report, sheds light on a critical aspect of legal tech: simplicity. Practice Management Systems (PMS) are indispensable for legal practices, yet many firms have yet to unlock their full potential.
Over half of respondents acknowledged their reliance on a PMS, but often, they explore less than half of the system’s capabilities. This might be due to adopting overly configurable, complex systems that leave little room to explore evolving functionalities.
In today’s fiercely competitive legal landscape, law firms are actively seeking simplicity in their technological tools, including ‘no code’ systems. This shift is accelerated by demographic changes as millennials now outnumber baby boomers in the legal community.
These tech-savvy lawyers value efficiency and are drawn to firms that align with their technological aspirations. Thus, the need for simplicity in software will become even more paramount in 2024.
The cloud’s strategic role
One undeniable trend in the legal tech sphere that continues to gain momentum is the shift from on-premise solutions to cloud-based platforms. Our own data is reflective of this transition with an astounding 135% increase in user sign-ups globally, demonstrating the market’s unmistakable momentum.
Notably, a staggering 90% of these new users opt for our cloud solutions, pointing to a strong preference for cloud technology. Accessing legal software anywhere and anytime without the traditional complications of VPNs or dedicated servers will be imperative in the future.
Our cloud-native legal accounts solution has been meticulously developed by proactively anticipating market needs. Every aspect of our technology is purpose-built and informed by the actual, on-the-ground demands of legal professionals.
The AI evolution
As legal firms seek disruptive and innovative strategies to enhance efficiency, with 41% of businesses aiming to reshape their current practices, the spotlight is on Artificial Intelligence (AI).
AI is undoubtedly one of the hottest topics in the industry, with its potential to revolutionise productivity and efficiencies within the legal market. In the next phase for PMS systems, we foresee automation reshaping the legal profession. The surge in the application of AI and machine learning is undeniable. These technologies are transforming traditional processes, from document review to predictive analysis and foundational legal research.
Looking to the year ahead, our approach to practice management software goes beyond a user-friendly interface and a robust feature-suite — it involves embedding new technologies like AI into the system, transforming it from a supplementary feature into a fundamental tool that supercharges talent and productivity.
As we wrap up 2023 and gear up for 2024, the legal tech landscape is undergoing a seismic shift. The trends highlighted in this article — from cloud adoption to the AI revolution — underscore the need for law firms to embrace innovative technologies and adapt to changing demographics.
At PracticeEvolve, we envision a partnership with mid-tier law firms that goes beyond software—it’s a commitment to continuous innovation and adaptation. So, as we step into 2024, we invite you to join us on this exciting journey of transformation in the legal industry.
