Creating a Buying Strategy: Considerations When Investing in a Legal Technology Software

Thinking about adopting a legal technology solution but don’t know where to start? It’s a daunting task. But don’t worry, many firms don’t know which solution is their best fit. And trust us—having a little direction goes a long way. Consider these questions when chalking up your firm’s legal tech buying strategy.

What is in it for your clients?

Start by exploring if a legal technology software can help satisfy your client's needs. Law is about who you represent, after all. Even if your clients never see the software, they can surely benefit from the behind-the-scenes support. Try a deal management platform to help simplify internal processes so your lawyers can focus on the deal at hand. It’s a win-win for everyone

What problems are you aiming to solve, and what goals do you want to achieve?

Like all other strategic decisions, your firm’s buying strategy should clearly reflect the business' needs and goals. Your rationale shouldn’t just be “because everyone else is” (although, more and more firms are adopting legal tech for a reason). Determine the pain points your firm can solve and the desired results from using a legal technology solution, and ask your team members for input. We promise this will steer you in the right direction.

Who will make the buying decision?

Don’t blindly buy a software that doesn’t complement your firm’s workflow. Designate a team member to undergo your firm’s legal technology assessment and make decisions. This product expert should have background knowledge of legal tech. Knowing what you’re looking for prevents wasted time, funds and energy trialling a bunch of solutions. So, choose a “know-it-all” who has the best interest in your firm—but don’t forget to involve all team members in the decision-making process.

Does the legal technology meet regulatory safety and security requirements?

Of course, you want to keep your firm’s data safe. Trust a legal tech vendor that is transparent about how their platform collects, stores, maintains and uses your clients’ and your firm’s data. Does the platform meet industry standards and security certifications? Remember that switching to a digital platform shouldn’t mean compromising privacy rules and expectations.

How does legal technology contribute to your firm’s legal design?

Adopting a legal tech shouldn’t cause your firm more of a headache. Poor legal design leads to confusion and reduces functionality. Your firm’s legal technology assessment should evaluate the platform’s usability and intuitiveness. Does the vendor that provides onboarding, training, and implementation assistance plus timely customer support? Tech wiz or not, all of your partners should be able to smoothly integrate the platform into their current workflow.

Determine your firm's potential ROI.

While the price is notable, it’s equally important to assess the value a legal technology can add to your firm. Cost and time savings are among the countless benefits of adopting a deal management platform. You’ll get a bang for your buck with increased productivity, collaboration, and organization features.

Whoever your firm's decision-makers are, it's likely they will want to see a step-by-step explanation of the ROI your firm could experience after adopting a legal technology solution.

There’s a lot to consider upfront, but weighing your options and preparing for a digital transformation pays off. Curious to see if DealCloser is the right fit for your firm? Book a demo for a personalized walkthrough today.