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eDiscovery tools have grown a lot and continue to evolve, turning in good return for profit for litigation teams. Due to this recent trend many firms have planned to invest in it over the next couple years.
In a survey of Am Law 200 law firms, which was conducted for LexisNexis by The Cowen Group, researchers found many interesting trends. This survey involved 125 law firms across the U.S. regarding their immediate and long-term plans to maintain or purchase new eDiscovery platforms, systems and services in the next 12-24 months.
Here are some interesting trends researchers believed had some value to the overall litigation support community:
1. Large law: slow and steady on eDiscovery Large law firms anticipate a 6 to 8 percent increase in their spending next year in eDiscovery software products, across all segments of the EDRM model.
2. One-third of law firms plan eDiscovery investments. This market is still very much in flux, with more than one-third of law firms actively looking to make investments in new tools, technology and managed services solutions over the next two years.
3. Investments focus on data volume The left-side of the EDRM is attracting the greatest budget increases for next year, with 8 in 10 firms projecting an increase in spending on culling tools (by an average increase of 8.4 percent) and more than 7 in 10 boosting investment on collections and holds tools (by an average increase of 7 percent).
4. Forecast for a change in tools
In the next 24 months, 28 percent plan to change their processing software, 38 percent of surveyed firms plan to change their document review platform, and 30 percent plan to change their production tool.
5. Hosted services The eDiscovery managed services model continues to pick up steam in the market, with 21 percent of law firms in the process of signing a managed services agreement right now and another 27 percent either exploring or highly interested in exploring the managed services model.