How Much Does LegalTech Cost? Legal Operations Report

Every legal & business team has its investment priorities (and some organizations, budgets and regulatory pressures are bigger than others) – and yet all stakeholders see real value from a well-planned legal technology strategy, in particular costs calculations. To help operational leaders plan ahead and evaluate investment options, we released this holistic report on pricing mechanisms based on several years’ experience with our LegalTech Marketplace vendor partners. 

Most LegalTech solution providers will have pricing plans for teams of all sizes and will enable their customers to pick the monthly or annual subscription fee that suits best upon onboarding, with the option to upgrade as their capacity grows. Regardless of whether organizations have technology investment policies in place, lawyers (and employees generally) may be experimenting with some legaltech tools already. However, to align with their organizations’ long-term strategies, legal and business teams are best advised to seek beyond random experiments and dive deeper in any particular new technology of choice, carefully understand the cost structure and adequately deploy the new tools.

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What is included in the Legal Technology Costs Report? 

 

InvestCEE collaborates with a curated group of tech vendor partners, hence we have a good understanding of the various pricing mechanisms applied by solution providers. This strategy paper enables in-house lawyers from any industry and law firms of all sizes to better understand:  

➤ Legal Technology Pricing Methods: licensing models, onboarding fees & advisory costs

➤ Monthly / Annual Costs: the price range for legal technology tools across the spectrum

➤ Return on Investment (ROI): calculating the costs and benefits of LegalTech investments

➤ Investment Strategy: 5-step guide for making the most of any legal technology purchase

➤ Artificial Intelligence (AI) – Optimal Integration: AI optimization in legal work streams

With our team of trusted advisors, we created a secure and innovative ecosystem for lawyers, technologists and business leaders to explore smart solutions and drive digital transformation in legal work processes.  As the pressure increases to understand what exactly AI can mean for legal operations, the legal technology costs report provides law firms and corporations much needed professional resources and guidance in building out their legal technology investment plans, and specifically AI strategies.

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Legal Technology Training Courses & Toolkit

Legal technology platforms are generally intuitive and user-friendly – tech savvy lawyers who have the time and the curiosity to explore features, can often proceed to adoption on their own. However, dedicated and professional support may indeed be helpful if:

• time is scarce;
• internal resources for exploring and adoption are limited;
• team work is involved and wide-spread adoption is key for optimization; or
• the tool is rich in functionality and/or was intended for highly sophisticated work streams.

In addition to implementation projects delivered as part of our client service, we also provide free resources to legal and business teams including training sessions dedicated to particular legal technology solutions. With the legal technology costs report at hand, our online courses offer a solid basis for legal operations initiatives.

Teaming up with our technology vendor partners, we offer the following training courses:

➤  Clause Libraries & Dynamic Legal Drafting

➤  High-Volume Contracting & Digital Contract Management

➤  Legal Department Budgeting & Operations Planning

➤  Contract Management, Workflow, eSign & AI Integration

➤  Best-in-Class Legal Reporting

➤  How to Adopt a Winning Legal AI Strategy?

➤  Strategic Planning for Legal Departments 

➤  Roadmap for Corporate Legal Operations (in-house training course)

➤  Document Automation: Back-End Toolkit for Legal Teams

➤  Legal Operations: Roadmap for Law Firms

 

With our complex training programs, downloadable PDF reports and additional resources, we help introduce various legal technology solutions to legal teams and teach them the exact skills they need for a more efficient and effective legal services delivery. To get started, sign up for any upcoming online course, access our toolkit and get in touch with the team directly or via the below contact form.

If you have any questions about the Legal Technology Costs Report, or would simply like further guidance with our toolkit and services, leave us a note below!