Last week, international law firm Foley & Lardner launched a firm-built contract review tool named Foley Equipped. Created by attorneys for attorneys, the solution seeks to differentiate itself from a market saturated by a profusion of technology vendors by offering unique features that understand and address legal professionals’ pain points.
Despite a booming demand for contract review tools, however, few firms are likely to follow in Foley’s footsteps. For many, stiff competition with technology vendors, significant costs for launching their tools and a lingering hesitancy to adopt technology among legal professionals may keep them on the sidelines.
