Boosting Productivity and Innovation: Key Takeaways from “Rethinking ROI in Legal Tech”

Leveraging Technology for Better ROI

The legal industry is evolving rapidly, and technology plays a crucial role in this transformation. During our recent webinar, "Rethinking ROI in Legal Tech," legal tech expert Laura Kennedy, partner and co-founder of Circle Management Group, provided valuable insights into how law firms can leverage technology to improve their return on investment (ROI). Here are the key takeaways from the webinar.

Understanding ROI in Legal Tech

Laura emphasized the importance of distinguishing expenses, costs, and investments. While expenses and costs are necessary for maintaining current operations, investments in technology aim to improve future revenue and cost structures. "The goal of any investment is to generate a return, making ROI a crucial metric for evaluating technology decisions," Laura explained. She explained that calculating ROI involves comparing the cost of the investment to the expected profit over time, likening it to investing in the stock market.

Driving Innovation and Competitive Advantage

Modern legal technology drives innovation, offering competitive advantages through unique service offerings. As Laura noted, embracing new technologies like AI and cloud solutions enables firms to stay ahead in a rapidly evolving market.

Improving Security and Compliance

Security remains a top priority for law firms. Investing in advanced security measures and compliance technologies protects firms from data breaches and cyber threats, safeguarding their reputation and client trust.

Calculating ROI: A Simplified Scenario

During the webinar, Laura presented a simplified scenario demonstrating the value of thoughtful technology investments. "If you always do what you've always done, you will always get what you've always got, which means you're not increasing, and this is not an investment," Laura explained. Comparing the costs of replacing a server versus moving to cloud-based billing and accounting applications, she emphasized that the potential returns from increased productivity and efficiency resulted in a positive ROI.

Overcoming Resistance to Change

Addressing the fear of change is crucial for successful technology adoption. Laura stated, "The thriving firms I work with have leaders who know that their internal and client-facing technology is essential to their business's growth, success, and health." Providing stakeholders with comprehensive assessments and clear data helps alleviate concerns and highlights the benefits of new technology, fostering a culture of innovation and continuous improvement.

Balancing Innovation and Practicality

While embracing new technologies is essential to a firm’s growth, managing the adoption process carefully is just as important. Firms should avoid the pitfalls of "shiny object syndrome" by involving a technology committee and ensuring that new technologies align with the firm's overall strategy.

Conclusion

Investing in legal technology is about driving growth, enhancing the client experience, and securing a competitive edge. Law firms can leverage technology to achieve long-term success by understanding ROI and making informed decisions. If you missed the webinar, you can watch it now or on demand anytime.

About SurePoint Technologies

SurePoint Technologies develops software for mid-sized law firms that enhances workflow efficiency and maximizes financial performance. By alleviating administrative burdens with proven, reliable software, law firms have what they need to grow revenues and focus on their clients. Be sure with SurePoint, software law firms can count on. Learn more at https://surepoint.com.