General Counsel are evaluated on their ability to provide strategic advise, on their proficiency for mitigating risk, and on their knack for identifying opportunities to support business objectives and create value. However, many struggle to find the time to be proactive and become over-burdened with administrative work.
While in-house workloads increase, GCs face a dilemma: continue working as is or make a change. For many, continuing down the same path will mean a dip in productivity – longer times to complete assignments, manual errors that will need fixing, not to mention the risk of missing important details or deadlines. To fill the gaps, many GCs find themselves spending more time on low value tasks, at the expense of servicing the Board or CEO.
Recognizing the consequences of not changing, the other option is to invest in people or tools to become more efficient. Yet, according to the 2017 Global Counsel Leaders Circle Benchmark, in-house counsel continue to struggle with tight budgets, making it hard to add resources and invest in technology.
Making the case for an investment in LegalTech
Making the case for technology is not always easy. However, using KPIs to help align your budget request to the wider business strategy can help. To make a stronger case for spending, link your request to specific strategic goals that are important to your CEO and CFO, like compliance, risk mitigation or business continuity, and demonstrate the cost of continuing down your current path. By estimating the costs of wasted time, lost opportunities and risk, like data loss or fines for non-compliance, you can show that the investment in software will pay for itself over time.
Check out this post for more tips of getting budget approval in 2018.
Technology has long been the first choice across all business sectors to make efficiency gains. For legal departments, the right investment in tech can help you cope with increases in operative work by automating routine tasks and reducing the administrative burden. Cloud-based tools can also help meet other business goals, like reducing cyber-security risks, risk mitigation, reporting and compliance.
In our latest guide, “Digital Transformation for Legal Departments” we explore the risks of inefficient legal information management systems, the benefits of centralizing your data on the cloud, and the 8 simple steps you can take to implement more efficient tech in your legal department.