Let’s be honest – technology can be overwhelming, especially when you think of all the tools you toggle between at work. And we’re saying this as the people who build a tech platform. Tech touches nearly every part of our lives and spans all industries, including law. And while it’s true that legal has lagged behind when it comes to adopting and implementing digital resources, that’s now changing as the role of in-house counsel evolves from reactive cost centers to proactive drivers of value and efficiency. Legal leaders are expected to be strategic business partners who weigh in on the major decisions, yet without tools and technology to help manage everything else on your plates, your team may struggle to deliver.
You need legal technology to streamline contract management – not to mention all your other work beyond contracts. But it has to be the right technology, and we all know there’s no one-size-fits-all model for teams as nuanced and unique as in-house counsel. That’s why we’re here. Last December, our LinkSquares CLO Tim Parilla penned a piece on five best practices to extract value from legal tech. Now, we’re following up with him to see if he has any new advice for those looking for a legal technology solution with maximum ROI in mind.
Q. Last year, you touched on how legal tech can be leveraged for value and said it hinges on various factors: time to value, ease of use, alignment to business needs, mandated tech adoption, and data-informed decision-making. After the last nine months, do you have anything new to add to that list?
A. Sure. The aim of any legal tech should be to provide consistency of process, quality, and communication. The tech should also provide the ability to quantify and contextualize your team’s work, and it should free up counsel to focus on more important strategic work. If you have your own processes under control and can demonstrate the benefits of running a really tight process, you’ll be able to influence other processes across the organization. So, looking for a legal tech solution that facilitates that level of consistency and control is key.
Q. You talked before about mandated tech adoption. Is there anything else related to how teams are using their legal tech that pushes the needle on ROI?A. Taking the time to get to know the product is the only way you’ll be able to see its full value. The more proficient you become in using the tech, the more effective the tech will be. To that end, don’t be afraid to reach out to your vendor when you’re stuck on a problem, and don’t assume the tech lacks the functionality you need. Even if it’s not an explicit feature, your vendor may have a workaround to share with you that other clients are using. Learn the ins and outs of the technology you use and leverage it to show how your team contributes to your company's growth.
So, whichever legal technology solution you decide on, ultimately, consistency and competency are new critical components to consider for success. Demands on in-house counsel are only increasing, and you’re often being asked to do more with less. Focusing on these two factors will position legal as a dynamic key player across the organization. Adopting the right technology in today’s market goes beyond mere bells and whistles – it can truly transform your legal team into a force that drives your business to greater heights.
