NEW YORK (September 3, 2008) LAWFUEL – Legal Newswire – The 1,000 large and medium size law firms in the U.S. represent a $2.2 billion opportunity for technology marketers over the next 12 months, according to the 2008 Law Firm Technology Leadership Study. The survey, updating a similar study in 2006, was commissioned by Incisive Media, a global leader in specialized business news and information, and parent company to leading legal media including The American Lawyer, Law Technology News and Legal Week.
Additional results from the survey include the following:
· – Almost 90% of law firm respondents indicated that they plan to buy or upgrade mobile products over the next 12 months. Large and medium size firms are projected to spend almost $225 million on mobile products
over the next 12 months.
· – Improving network bandwidth is one of the fastest growing technology initiatives at law firms.
· – While most large and medium size law firms continue to maintain a centralized decision-making system and maintain “technology committees” to advise in the purchasing process, CIO/CTO/IT directors remain the
critical decision-makers for technology purchases.
· – Attorney, rather than client, demands continue to drive firms’ technology investments and attorney productivity is still one of the most important factors in justifying technology investments.
· – Decision makers at large and medium size law firms continue to be more likely to use legal print publications to gather information prior to purchasing information technology products and services.
· – Use of legal online sources by technology decision-makers has increased significantly with legal technology-related blogs being one of the fastest-growing online sources.
The study, conducted by Millward Brown, provides insight into law firm IT needs, technology and product purchasing patterns and IT decision-making by senior law firm and law firm IT managers. A consultative review of the findings was also provided by Millward Brown’s sister company KMR, known for the biannual IntelliQuest Studies on technology purchasing behavior. Findings are based on survey responses from a national sample of senior law firm decision makers involved in technology purchasing.
Additional information on the report can be obtained by contacting Michael Medwig at [email protected] or (212) 457-9470.
Incisive Media is a leading global provider of specialized business news and information, in print, in person and online. The company’s principal markets include commercial real estate, financial services, legal services, marketing services and risk management. Incisive Media’s market-leading brands include Accountancy Age, Computing, Investment Week, Legal Week, Post, Real Estate Forum and The American Lawyer. For more information, visit www.incisivemedia.com.