Exigent CEO discusses legal tech and cost savings in the The Lawyer magazine
A survey by The Lawyer, who interviewed in-house lawyers in top global firms, found that the growing use of new technology has failed to reduce litigation services costs. 50 per cent of clients said they had seen zero cost savings as a result of the use of technology by their primary legal services adviser over the past 12 months.
In an interview with The Lawyer magazine David Holme, CEO of legal and technology Services provider Exigent, said the survey findings highlighted what he described as “a huge revenue risk to law firms”.
Holme said that the lack of clarity around billing amounted to “a 100 per cent protectionist and defensive stance” by the world’s leading firms.
He added “clients should be asking their external legal services providers to break down bills into their component parts so that the portion that related to lower cost, increasingly tech-driven commoditised activities were clearer”.
“The elephant in the room is pricing,” added Holme.
For a more in-depth and forward-looking analysis of the impact of technology in the legal market, read David Holme’s “Time to spring forward: A new dawn for the legal market” whitepaper.
