How to make a case for investing in technology in law firms

How to make a case for investing in technology in law firms

When it comes to implementing new technology, selecting the right tech is half the battle. An assessment of existing technologies alongside honest discussions surrounding specific business pressures will enable decision makers to procure the right business solutions. This article is part of our latest research report, Is your Tech Smart?.

Be clear from the outset

Decision makers must consider how: new technology will optimise your business; what’s available to accelerate business processes; and what level of maturity and investment is needed. Whilst implementing smart technology is an important tool in improving efficiency, how can you do this most effectively? And, more importantly - how do you make tech work for you?

When it comes to developing a case for investing in technology, you need to ensure you present a structured, brief and evidence-based case which answers the following:

  1. What do I want to change (the problem you’re solving)?
  2. What will technology do to improve how we do things already?
  3. What are the risks?
  4. What is needed to make it work?
  5. How do I make success measurable?

By focussing the investment case on these five central enquiries, decision makers will be able to procure meaningful buy-in from colleagues, and ensure that any new technology will resolve the problems specified in consultation meetings.

When it comes to tech, mid-level law firms are looking for answers. Our report shows that mid-sized law firms are facing an uncertain future, and are forced to interrogate their business practices:

How do we attract talent?

How do we keep our data safe?

How do we remain competitive?

How do we deal with deregulation?

How do we secure growth?

Small but significant

Too often, the legal industry is mis-sold technology by technology companies pedalling one-size-fits-all solutions. While we won’t tell you that technology is the silver bullet that will transform your entire business, we know that technology has the power to transform small portions of your lawyer’s day to day. Small but significant solutions will drive your business forward and enable your lawyers to return to the work they love to do.

Whether you want to update the ways in which you develop contracts, create a more streamlined drafting process or find a smarter way to access practical guidance, assessing the ways in which your lawyers work will give you the best answer to your technical difficulties.

Further reading

For more information on the case for technology in law firms, please download your research report, Is your Tech Smart?.

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About the author:
Mark is one of the Dispute Resolution blog’s technical editors. He qualified as a lawyer in Australia and worked in private practice before joining LexisNexis. In addition to contributing to the Dispute Resolution blog, he also writes for a number of LexisNexis blogs, including the Future of Law blog.