Building the Business Case for Legal Technology

Legal technology refers to software and systems used by law firms and legal teams to increase efficiency and effectiveness. Adoption of legal tech tools, including document automation and case management, can lead to time savings, faster deal closures and improved budget control. However, convincing C-suite decision makers to invest in legal technology can be a challenge. To create a compelling business case, it is important to carefully consider the potential impact of legal tech on the organisation. Read on to discover our top tips for making the business case for your legal technology investment.

What is Legal Technology?

Legal technology, or 'legal tech' for short, refers to software and systems used by law firms and legal teams to make their work more efficient and effective. Legal tech tools include software for document automation, contract management, billing and time tracking, research, case management, and more.

Why Legal Tech is Critical

The best legal teams in the world are all embracing legal technology. That’s because technology - if used correctly, and at the right time - can help improve processes, share data transparently, and make teams significantly more efficient, including:

• Faster completion of repetitive tasks, reducing the time lawyers and paralegals spend on administrative functions and more routine legal work;
• Improved organisation and management of cases, contracts, and documents;
• Smarter research and knowledge management, making legal teams better able to leverage their organisation's institutional knowledge;
• Streamlined communication and collaboration with the rest of the business and within the legal team;
• Lower costs, meaning higher operating margins for the business; and
• Greater competitiveness - companies that are more efficient and proactive by leveraging legal tech will gain a competitive advantage.

Demonstrating Return on Investment

But how do you demonstrate all of that potential value? Here are the main ways that adopting legal technology will help you demonstrate a strong return on investment:

• Time savings - New tools will free up time for lawyers and paralegals to work on higher-value activities, and time saved can be directly converted into cost savings or additional revenue.
• Closing deals faster - Legal technology accelerates deals and cases, allowing your business teams to generate revenue more quickly. Faster turnaround times also keep business stakeholders happy, which leads to less work.
• Improved budget control - Software for budgeting, and financial reporting provides greater transparency and control over legal spending.

While legal technology requires an initial investment, it pays for itself many times over through enhanced efficiency and increased profits. For more information on how you can improve your legal team's productivity with Robin AI's legal solutions, speak to our team today.