By 2025, Legal Departments will triple their spend on technology. Here are three critical steps to ensuring your legal tech matches your business needs.
As corporate legal teams shop for LegalTech solutions, it's important to understand the rationale behind “Build vs. Buy” to make an effective decision.
As consumers of legal services know, when the outside counsel spend is governed by hourly billing, it’s inherently hard to predict, as it can vary with the phase of a project, the demands of the other side, even the habits and styles of the lawyers involved.
The unpredictability of legal activity has been the top reason in-house teams struggle to accurately predict legal spend. But, this is changing, especially with the rise of legal operations. Legal teams can no longer operate as a black box, spending with impunity. They must be more quantitative. They must take a disciplined and strategic approach to spend management so they are armed with the necessary data to enforce real change.
Budget season approaches – and soon it will be time to turn your attention from the law to the ledger. More than 70 percent of companies have a December 31 year-end; for this majority, the next few months are a critical time to request and allocate resources for the year ahead.
On its face, ROI seems pretty straightforward – a basic math equation that determines the ratio between an investment’s profit and its cost. But with legal technology, this can get a little nebulous: Your department deals in time, not in widgets.
