Boost Your Legal Tech ROI How to Build
Boost Your Legal Tech ROI: How to Build a Legal Technology Roadmap for Your Department Jodie Baker Deputy Chair, Australian Legal Technology Association Founder & CEO, Xakia Technologies
Who am I? • Private Practice Lawyer • In-house lawyer • Financial analyst • Founder & MD of Hive Legal • Founder & CEO of Xakia • Founding Member & Deputy Chair, Australian Legal Technology Association
Why have a Legal Technology roadmap? • Expanding regulatory landscape = demand increasing • Costs pressure = supply decreasing • Explosion of Legal Technology = noisy • Create order • Address priorities • Manage budget
Have you or your Legal Department adopted new legal technology in the past 3 years?
What is a Legal Technology roadmap? "[A] governing document that dictates specifically how technology will support the business strategy and help drive business priorities over the next three to five years. ” - CIO magazine
What is a Legal Technology roadmap? • Business goals • Legal Department goals • Define priorities • Features / costs / duration • Project owner • Visual timeline
How do you build a Legal Technology roadmap? • • Context Identify your needs Prioritise* Research Roadmap Plan Deliver * Note re ‘new’ Legal. Tech delight
Expense management Reports & Dashboards Contract automation Document management e. Discovery Legal intake Identify needs Prioritise $$ IT Research Map YOUR GOALS Deliver
Context • Gather information about your Department: • Team size • Type and volume of work • Gather information about your clients: • Most demanding clients • Relative importance • Specific needs
Does your Legal Department have a dedicated legal technology budget?
Context • Budget • IT resources available / required • Goals • Company • Legal Department
Identify needs $$ IT YOUR GOALS Deliver
Technology Workflow / practice management Legal intake Self-help tools for business Practice management Why do we need it? What do we need? Need ranking? What do we have now? (1 to 5) Tools available? What does Implementation Our team it cost? details? owner?
Identify needs: • What do we need? • Why do we need it? • Pain points • Increasing volume / value / impact • Change to resourcing profile • Need ranking (1 to 5) • Risk • Magnitude of pain
Identify needs: • What do we have now? • IT • Other departments • Peers in other companies • Tools available? • What does it cost? • Implementation details? • Our team owner
What is on your legal technology wish list?
Identify needs Prioritise $$ IT YOUR GOALS Deliver
Identify needs Prioritise $$ IT Research YOUR GOALS Deliver
Research • Feature specifications • Technologies available • Internal context • Match problem to solution • Cost / implementation • Return on investment
Return on investment Time impact Cost impact ($) Implementation Research Configuration Technical implementation Change management Training Championing Implementation costs Annual Time savings Time spent Cost savings Subscription cost
Identify needs Prioritise $$ IT Research Map YOUR GOALS Deliver
Roadmap • What can you / your team digest? • Budget • Change management • Internal IT resources
Matter Mgt Owner: Mary Poppins Cost: $5, 000 Project: 3 months Why? • Visibility • Reporting • Expense management Year 1 • Selection • Procurement • IT check • Implement Central Repository • Selection Version control • Procurement • Selection • Procurement • IT check Year 2 Document Mgt Owner: Cost: Duration: • • e. Billing Owner: Cost: Duration: Contract assembly Owner: Cost: Duration: IT check Implement • Implement Year 3 • Review Year 4 • Upgrade • Iterate • Review Year 5 • Iterate Upgrade
Beware paralysis by analysis!
Questions?
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