2022 in Review: Top Takeaways from This Year’s Legaltech Events

2022 in Review: Top Takeaways from This Year’s Legaltech Events

With in-person events finally back full-force, 2022 has been a very exciting year for the legaltech industry. Across the board, we were excited to be out and about and interacting face-to-face once again. Here, we look back at some of the top trends and takeaways we heard on the ground in 2022 thanks to input from the Actionstep, LawMaster and mattero teams.

Future-Focused Conversations

The Actionstep, LawMaster, and mattero teams all reported that the buzz was all focused on the future this year. With concerns about COVID starting to dwindle, law firms are ready to look forward. LawMaster’s team noted that many conversations at LawTech 2022 were centering on how legaltech software products are evolving and developing to support future needs, and that firms of all sizes and types are seeing the need for newer tech.

Unified Tech Solutions

One term we heard a lot in 2022 was “platform fatigue,” addressing the stress that arises for law firms when dealing with multiple software platforms and programs that don’t always sync up well with one another. At Actionstep’s Future of Mid-Market Law event in August, Lisa Dowie, Chief Customer Officer at PEXA, noted that firms need to consider the right ecosystem of tools to support their ambitions, rather than a variety of point solutions that silo information and require double entry. She emphasized adaptability, integration, flexibility, and accessibility as the central factors for firms to keep top of mind when selecting legaltech solutions.

Standing Out Through Great Client Experience

A major question for midsize law firms throughout 2022 has been how to stand out in a crowded and competitive market. Carl White, Director of PwC NewLaw, spoke at The Future of Mid-Market Law on how firms can differentiate themselves through exceptional client experience, stressing that every touchpoint a firm has with a client is an opportunity to make or break their experience. It’s critical to understand your clients and their expectations, and then ensure that your team is meeting and exceeding those expectations consistently.

Data-Driven Decision Making

At ABA TECHSHOW, the Actionstep team noticed an increased emphasis utilizing data to make business decisions. Throughout the show, we frequently heard the adage: "You can't manage what you can't measure." One of the often-overlooked benefits of the increased adoption of legaltech is the ability to report on data and metrics. Armed with this data, you can start to make data-based business decisions for your firm based on critical factors such as cost-per-client acquisition, number of new client matters, billable hours and utilization rate, collection rate, realization rate, and more.

Increasing Workplace Flexibility

Legal talent retention surfaced as a concern all throughout 2022. This was an especially hot topic at LPM Conference in July, attended by Actionstep’s Regional Director, UK, Oliver Tromp and Senior Account Manager, UK, John Gomez. They reported that this was the most prevalent theme among attendees, with discussions focused on a variety of solutions, including technology’s role in talent retention. Up-to-date tech has become increasingly significant in delivering a stronger employee value proposition, as potential firm employees expect workplace flexibility, and they must have the right systems in place to enable it, such as cloud-based practice management software.

The LawMaster and mattero teams also heard this hot topic at events throughout the year, noting that the that the work-from-home revolution has accelerated the need for flexible workplaces and access-anywhere software solutions.

DEIA in the Legal Industry

DEIA (diversity, equity, inclusion, and accessibility) continues to be a major issue in the legal field. At the ALA Conference, a number of sessions emphasized the importance of understanding the root of this problem and how to become an agent of change.

In November, mattero sponsored the Lawyers Weekly Women in Law Forum. mattero’s Services Manager Jody Smith spoke on a panel discussion about engaging more women to be involved with legaltech. Other panels at the event panels touched on topics including equality, racism, mentorship, and how to build cultures and firms that are more flexible and supportive of women.

Moving Your Firm Forward

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Written by The Actionstep Team