Legal Tech Can Help in Economic Downturn—But Won't Be Spared Budgets Cuts | Legaltech News – Law.com

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ANALYSIS
As businesses prepare for a potential economic downturn, Lexion’s “The Current State of Legal Tech” survey looks at the moves corporate legal professionals plan to make with tightened budgets.
November 17, 2022 at 12:00 PM
4 minute read
Legal Operations
Legal Tech Reporter
While news of the “tech bubble” bursting has made rounds, according to one new survey, most legal professionals still believe the best way to handle the economic uncertainty is to adopt more technology to increase department efficiency.
At the same time, many are worried about what’s to come with tightening budgets—with chief information officers (CIOs) and chief financial officers (CFOs) looking for every cost-cutting opportunity. The results may be a hodgepodge of hiring freezes, layoffs and even more selective tech stacks.
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