Are we heading into a recession or not? Based on the predictions Legaltech News received for the economy in 2023, it all depends on who you ask. Whether or not the economy goes south, there’s no question that many in law have been taking stock and preparing accordingly. Among the most popular precautions we saw in legal tech in recent months have been streamlining tech stacks, prioritizing integrations and redefining what it means to be innovative, Law.com reported.
Peter Eilhauer, Managing Director, Legal Transformation Services Product, Epiq: “We’ve just gone through a period where hiring could not keep up with demand and many businesses that guessed wrong on a downturn in 2020 ended up really behind the curve. The downturn is more likely this time, but I think law departments will stay flexible and use this slowdown to re-evaluate the work performed by outside counsel. The last 2 years, you sent work to where it could get done, not to where it should get done. Reviewing, re-negotiating, and re-allocating work will be a focus for law departments in 2023.”
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