When conducting a legal technology audit in a corporate in-house department or law firm (of any size), we assess a legal team's digital maturity and help define an innovation strategy going forward. A LegalTech audit is a preliminary step for thoughtfully implementing emerging technologies into corporate legal operations and law firm practice. Our assessment report along with an overview of new and innovative tools designed for legal work, enables lawyers to streamline their daily tasks, build business flexibility into their practices and provide a more effective and highly responsive legal service.
Investing in legal technology is fundamentally a business decision: will the benefits of the investment outweigh the costs? Return on the investment must justify the effort and expense of upgrading a legal team’s infrastructure and skills. A return-on-investment (ROI) calculation should help the decision making process with realistic numbers and flexible variables to account for different users and use cases. In this article, InvestCEE’s legaltech advisor Chuck Henrich explains what metrics legal teams should take into account in calculating ROI for tech-assisted legal services, and how to do it.
Seamless contracting is a top priority for all organizations, irrespective of company size and industry. Technology is within reach to assist with certain parts of the contract lifecycle or to manage the entire process on a single platform (end-to-end). Yet despite the abundance of tools available, there are many impediments to change for better contracting habits. Here’s an overview of three typical challenges and our best-practice tips for improving contracting with technology.
In a digital economy, the value of legal work largely results from core human expertise multiplied by the ability to efficiently “package” legal know-how into technology. Legal analytics tools designed for lawyers allow a shift away from the billable hour and enable workflow data analytics that capture core human expertise.
Traditionally lawyers have been measuring the value of their input in correlation with the time spent on legal work. While tracking time is relatively quick and easy, capturing the true worth of legal services can be a challenge. Yet demonstrating added value is increasingly needed in light of a changing economy and client pressures to reduce bills. Digital tools designed for the legal industry allow a shift away from the billable hour and enable workflow data analytics that capture valuable human expertise.
A legal practice management system structures legal work with workflows and information that support the business of law. Business metrics are equally important to small and large law firms, yet until recently, smaller firms and solo lawyers could not afford the IT infrastructure and administration involved in a legal practice management system. This article highlights questions to ask vendors when shopping around for cloud-based legal practice management.
When selecting a cloud-based legal practice management solution, lawyers need to assess how well a vendor understands how to support digital legal services; simplifies the tasks involved in digitally managing clients, matters, finances, and documents; and handles data security. InvestCEE selected Matters.Cloud to feature on the LegalTech Marketplace because it meets those requirements especially for the smaller firms in our legal innovation ecosystem.
Investing in a cloud-based practice management software can boost operational efficiency and streamline task flow management for law firms of all sizes, including solo practitioners. Matters.Cloud is hosting this legal practice management webinar to offer insights into its latest features and enable taking an informed decision about investing the time, effort, and money required to make the most of their cloud-based tool.
We have also recognized that beyond the immediate human health aspect, there are additional, economic concerns that need to be dealt with in the current circumstances. And lawyers may have a special role to play in this regard. Enabling access to digital legal tools, easing the flow of goods and services, helping to virtually run our economies (locally and regionally) and getting creative about legal services will be essential going forward. To support legal teams through this period, we are here to team up and make use of the know-how we've accumulated in our legal innovation ecosystem. Here's a summary of how we are able to help.
On February 20, 2020, InvestCEE LegalTech Consultancy hosted a webinar organized by the European Legal Technology Association (ELTA) regarding the use of legal data analytics for improved decision making of corporate legal departments and law firms. The panel of experts included Jodie Baker, founder and CEO of Xakia Technologies and Ádám Szíjártó, legal director of Egis Pharmaceuticals PLC. The discussion focused on identifying and visualizing metrics beyond the billable hour to demonstrate the value of legal work.
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