So, you’re aware of the value new legal technology will bring to your company, but how do you ensure that decision makers that can approve the purchase see the value of software. When asked to create a business case to present the benefits of a technology purchase or expansion, it is important to illustrate the return on that investment.
Here are a few examples of what to look for when considering the advantages your new legal technology will bring.
- Decreased Legal Spend: e-Billing and matter management technology are widely accepted as cost-effective software that deliver a proven reduction in annual legal spend. The benefits range from improving the accuracy of submitted invoices, eliminating duplicate payments, and enforcing billing guidelines.
- Increased Staff Efficiency: Opening new matters, creating reports or generating legal documents take significant time that can be used for more high-value work. Calculating the benefit based on savings on a percentage of salary can impact future hiring plans and additional value to your business case.
- Reduction/Mitigation of Risk: One of the most attractive benefits of legal technology is the reduction of risks that arise from different points of company operation. A reduction in the cost of employee incidents, claims, or fines for non-compliance are all great examples depending on your line of business.
For more information on investigating and reporting the effectiveness of legal technology, read my full article on “Building the Business Case for Return on Legal Technology” from Legal IT Professionals.