Legal and business teams are devoting huge resource to navigate out of quarantine! Aside from the legal implications there is a lot to think about. Organisations with either a cash flow or cost issue likely outnumber those that don’t. As with any period of financial strain there is a clear business imperative to do more with less. The traditional response is only too familiar. Training budget disappears, and headcount is re-evaluated. Following this cost reduction initiatives are communicated to those who remain. This riding of the storm leads inevitably to increased stress and lower morale. It also often leads to higher costs.

The opportunity here is to leverage the current elasticity in adaption to and acceptance of change. The adoption of remote working is driving transformation at a speed rarely seen before. The conversations we are having highlights how some companies, instead of hamstringing the organisation by obsessing on costs, are looking to eliminate inefficiencies.

Embracing the change and looking to technology with a clear return on investment can make change and protect and promote your workforce. This was front of mind for me as I came across the 5 key findings in the Thomson Reuters Tech and The Law Report 2020.

1. Just over a third of employees believe that their firms have the ability to handle an increase in workload as well as the ability to scale into the future.

2. Successful organisations on average are using far more technology (more than 3) than unsuccessful organisations (less than 2).

3. Document automation solutions and document drafting solutions are the two technologies that employees believe their firm should invest further into.

4. Decision-makers believe that their firm is far more efficient than those who aren’t decision-makers.

5. Budget restraints affecting the organisation’s willingness to approve investment is the biggest barrier stopping firms from adopting legal technology in 2020.

Legal tech is more often than not a good way to reduce costs, but people sometimes struggle to get budget to purchase without solid ROI evidence. 

If you’re curious about how to create a robust business case to secure budget, you can watch a recording of our 'Building a business case for legal technology’ webinar here.