2024 in Perspective: Staying at the Forefront of Rapid Change
By Elisabet Hardy, Chief Product Officer, Elite
The end of the year is often a good moment to take stock of developments across the legal tech sector and gear up for what lies ahead. If there’s one thing that strikes me as I look back over the past twelve months or so, it’s that change is happening extremely fast—arguably faster than ever before. We’re finally at the point where digital transformation has truly come right to the forefront, and many firms are grasping the opportunity to take advantage of technology in new ways. With competition in the legal industry at an all-time high, and a growing awareness of the advantages innovation can bring—both in driving profitability and helping firms stand out—there’s a palpable sense of urgency.
Firms are moving faster…
The move to the cloud is a case in point. It wasn’t too long ago that many firms were mulling over whether they would make the transition, and then they started talking about when it might happen. But this year, it has become clear that the dial has moved. Now, people are asking: how fast can we migrate to the cloud?
There are several reasons for this. For one thing, as firms face hardware renewal deadlines, the business case for investing in expensive and time-consuming on-prem upgrades looks less and less compelling. Firms are increasingly—and rightly—questioning whether it’s time to do things differently and what opportunities the cloud could bring. We’re also seeing a real readiness on the part of customers to scale their operations. They’re asking what they need to leverage today, and tomorrow, to achieve it.
Moreover, cloud security concerns appear to have at last been resolved. Most CIOs and CTOs now acknowledge that the security infrastructure for cloud-native practice and financial management systems far surpasses anything an individual firm can deliver on-prem. Extra diligence may still be required where bolt-on applications are integrated, however, and firms may want to consider consolidating their existing tech stack as they transition.
…and evaluating the potential AI can bring
Artificial intelligence (AI) was hands-down the buzzword of 2024. For example, it’s no surprise that everyone was talking about it at this year’s International Legal Technology Association (ILTA) conference. But what was notable was how much more mature the conversations around AI have become.
More and more law firm leaders are recognizing that many new technological advancements simply can’t be leveraged on-prem: the software just isn’t available. To harness the potential of AI, you must be in the cloud, raising the pressing question: “How far behind are we going to fall if we wait?”
While it’s exciting, it’s also crucial to be realistic about what AI can achieve while ensuring it’s being used securely and in a way that delivers real, tangible benefits—and what matters to firms today is how to use AI to automate and streamline processes and how their operational structures can be rearchitected to gain unprecedented efficiencies.
Gearing up for 2025
That’s why at Elite we are laser focused on offering the highest levels of innovation in our products and delivering the core financial management and business operation capabilities that law firms need. At the same time, we are exploring new ways to extend the user experience and meet customers where they are by integrating more seamlessly with other applications and expanding our rich partner ecosystem in the process. All signs suggest that the pace of change will only accelerate in 2025—and we’re ready for it!