Attention Legal Industry Decision-Makers: Before You Spend on Legal Tech, Read This
Monica Zent lists six steps that can limit the odds of overspending or buying the wrong technology for legal departments and law firms.
July 23, 2018 at 12:54 PM
3 minute read
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- Identify where your needs exist. The first order of business is to conduct a needs assessment. The purpose of this is to uncover where you have the greatest need for a potential technology solution. For instance, are there glaring deficits in productivity in your firm or department that need addressing? Such shortfalls can be relative—maybe you seem to be doing fine, but not when compared to your peers.
- Look at what can be automated. There are tools out there like robotic process automation that can mimic the work of a clerk. A cost-benefit analysis might reveal that an investment in robotic process automation might be worthwhile. But sometimes the solutions are simpler than that. Recently I met a general counsel from a legal department who admitted to me that remarkably they were still manually signing contracts. When I mentioned why not add e-signatures, he quickly put it on his to-do list.
- Think about your culture. Some legal departments or law firms are very focused on in-person meetings, some are more phone-based. Still others communicate primarily via email or text. These days your technological preferences define your culture. When buying tech then, consider how your office is communicating. If it is via phone, then try moving to videoconferencing. If it's via text then perhaps a chat solution is best. Tech that plugs in well with your existing culture will prove easier to adopt internally.
- Look for quick wins. Sometimes it's difficult to calculate the return on investment on new technologies, but then sometimes it isn't. E-billing, for instance, might prompt an immediate change in time spent and ease of use that will result in a quick win. Similarly, adopting a collaboration platform can illustrate the benefits of offering a more seamless way to pool expertise than email, resulting in valuable time savings.
- Look at your area of expertise. All legal functions, whether within a legal department or firm, have special business needs. Some are more focused on litigation while others are dedicated to intellectual property protection or enforcement and so on. Before considering buying new technology, look at where you are already expending a lot of focus and resources. That may be one area that can be covered with a relevant technology solution. For instance, if your department or firm is focused heavily in litigation then updating your e-discovery solutions could make a lot of sense.
- Avoid tech for tech's sake. The latest new and shiny tech offering can be enticing but it's best to avoid buying tech purely for technology's sake. Going through this process above ensures that true needs, culture and workflow patterns are thoughtfully considered before allocating funds. As I've often said in talks that I give on this topic, start with people, process and technology, in that order.
Monica Zent is an experienced entrepreneur, investor, businesswoman and trusted legal adviser to leading global brands, over a period that spans decades. Her most recent venture is founder & CEO of Foxwordy Inc., the digital collaboration platform for the legal industry. She is also founder of ZentLaw, one of the nation's top alternative law firms. Zent is an investor in real estate and startups, and dedicates her time and talent to various charitable causes. She is a diversity and inclusion advocate, inspiring all people to pursue their dreams. When she's not running companies, Zent runs distance as an endurance athlete. Follow her on Twitter @MonicaZent
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