Legal Team
The Premier League's £45 million legal bill underscores the rising cost of disputes and regulatory challenges. Law firms face similar issues as Bloomberg survey shows that 85% of these firms are adopting alternative billing models to meet client demands. Yet, only 18% use these models to reduce internal costs. Legal tech offers significant time savings, reducing research hours by over 8 hours per week. Integrating tech into legal processes can boost productivity, reduce costs, and streamline legal operations.
Source: BBC & LexisNexis
The Premier League recently revealed its staggering £45 million legal bill for last season, a result of disputes with five clubs over financial regulations. This mirrors broader trends in the legal sector where managing rising costs is a pressing concern. While law firms are transitioning to alternative billing methods to meet client demands, only 18% are actively using these changes to reduce internal costs.
This disconnect presents an opportunity, especially with legal tech innovations that can significantly streamline processes. LexisNexis reports that legaltech saves lawyers an average of 8 hours per week by automating legal research, highlighting the immense time-saving potential for firms. By adopting legal tech, firms can not only meet client demands but also improve productivity, reduce internal costs, and boost overall profitability.
As firms and organisations like the Premier League continue to battle regulatory issues, embracing legal tech could provide a path to more efficient dispute resolution and cost management, reducing the burden of spiralling legal fees.
Source: BBC & LexisNexis