Legal automation ROI calculator
Use our free tool to calculate the impact of legal automation on your businessRead the article
When considering how Legal Technology can help transform your organisation, it’s important to start with where you identify the greatest pain (vs. what the technology can do) and work from there. Start by working through a set of desired capabilities (see below) – the areas that require/have the greatest opportunity for improvement – and prioritise the capabilities based on the needs of your organisation and potential ROI.
We need to provide the business a one-stop shop for accessing legal support with the ability to provide automated advice (e.g., checklist of information to gather before engaging legal) and automated triage/matter creation to the right lawyer based on matter/contract type whilst giving the business visibility into the status of their matter/contract without having to (repeatedly) contact legal.
We need to allow the business to create and execute (via eSignature) their own contracts by automating our templates:
We need a way to better manage counter-party contract review and negotiation that allows us to quickly compare third-party contracts against our standards and negotiate, manage and track them as if they were our own.
We need a way to manage our legal work across contracts and legal issues including tracking and reporting on types, volumes, timelines and status of legal work across the business, quick location of historical or active issues and tracking of all internal and external communications and documents associated with an issue.
We need a way to (manually and/or automatically) route and obtain approvals and signatures within legal and from the business with an audit trail to allow for faster, on-line approvals, execution and improved governance and thus creating a more efficient contract management system.
We need a platform that allows us to collaborate on documents and automatically track versions with both internal and external parties with a full history/audit trail and automated document comparison.
We need fully searchable storage and tracking of all contracts (automated, lawyer drafted, counterparty), and associated meta-data (e.g., contract value, contract type, counterparty, dates), versions, approvals, timelines and supporting documentation with automated alerts for key milestones e.g., end dates).
We need to be able to report on all aspects of legal, matters, contracts and transactions;
We need a central repository to store policies, precedents, templates, delegations of authority, guides, etc.
Once prioritised, break the capabilities into phases and build a roadmap, an investment plan and a business case for the adoption of legal technology across the business. That roadmap may end with two use cases, but often this is a multi-year plan to gradually rollout legal technology and automation, building on realised business cases and success. Transformation is a journey, after all.
If you need just one use case and don’t see yourself needing to tackle others down the road, buying a one-off tool (e.g., matter management system, document storage system, eSignature, etc) could be an option, but there’s the potential for long term pain with this approach. However, if you need more than one use case, find a platform with a robust roadmap that allows you to start small and grow such that you can tackle all your use cases and challenges in the future.
If you need any help with any of this, we do a Discovery Workshop as part of our process to determine if Legal Gateway is well suited to our customers, so please don’t struggle here, reach out!
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