Contract tools are in high demand for corporate legal professionals, despite many saying that contract life-cycle management (CLM) tools aren’t meeting their expectations, according to The State of Legal Technology report by Lexion. The report surveyed over 200 in-house legal professionals, including general counsel, legal directors, senior and associate counsel, legal operations staff and contract managers, among others.

The report found that, as the economic picture improves, fewer respondents are planning to decrease or freeze their legal tech spending compared to the past year. While 27% of respondents in 2022 said that such a decrease or freeze was likely, only 15% said the same this year. What’s more, while 9% said it was unlikely they would pause or lower their legal tech spending in 2022, that number doubled to 18% in 2023.