In-house counsel often see technology as an opportunity to raise efficiency however several myths exist that prevent many from implementing software in their own legal departments. Getting budget approval, difficulty integrating existing systems and a lack of time are often cited as the main barriers to adopting innovation. However, these challenges can easily be overcome with the right approach.
In this post we’ll debunk three myths that prevent many GCs from adopting innovation and show you how easy it is to get started:
Myth 1: Legal software is too expensive
Most legal software on the market is designed with large corporate legal departments in mind. These solutions often focus on automating processes or tasks and require complex integrations with other vertical systems, like CRM or accounting software, making them a costly purchase. For small legal departments these types of solutions include too many bells and whistles, and are too expensive.
Instead, what GCs in smaller companies need is a simple, affordable solution that manages their legal information, not their legal tasks. Smart, cloud-based legal databases can help small legal departments manage, reports and collaborate on their legal information, empowering them to become more proactive and strategic in their role.
Plus, with lower annual subscription and configuration fees than complex enterprise software, in-house legal departments can start using cloud-based technology without spending a significant proportion of your budget.
For more tips on getting your legal tech budget approved check out “7 tips for getting your legal tech budget approved“
Myth 2: My legal department is too small to need legal software
The truth is that even if you are the only in-house lawyer in your company, cloud-based legal software can support you in assuming a more strategic role and give you peace of mind knowing your information is secure.
If you are currently using spreadsheets to keep track of contracts or deadlines, how can you be sure that you’re effectively managing the risks to your company’s health? Or the opportunities to increase revenue? If you are storing documents in paper files or on your hard drive, what would happen in the event of data loss or theft?
Regardless of the size of your legal departments, legal software can help you transform the way you manage legal information, like contracts, entities, claims, etc.
For example, take preparing for an audit – an activity you may be faced with no matter the size of your legal department. Preparing for an audit can be an all-consuming task as the list of documents required can be long: from anti-money laundering policies, evidence of compliance with anti-discrimination rules or data protection laws. You’ll often commit significant legal resource to retrieving documents, summarizing information and printing binders out. You might even be forced into spending precious budget on a secure way of sharing your data with your auditor. With a centralized legal repository, you can quickly compile the information you need, generate reports and safely share everything with the auditors, saving you time and money!
In short, legal software can give you peace of mind knowing that all your legal information is safe and that you can gather insights at the drop of a hat. Whether you are a department of one or ten, this is a benefit you simply can’t ignore.
Myth 3: I don’t have the time (or resources) to migrate all of my legal information
The real question is do you have time to continue working the way you do now?
Imagine for a moment all the wasted time you spend digging through folder after folder to pinpoint the right information, create reports, gather status updates on contracts and claims, or collect documents for audits. Imagine now if you had a simple yet powerful solution that transforms your information from a burden into a strategic advantage, giving you time to spend on high-value tasks and generate real business value!
When it comes to implementing new software and migrating your legal information, you can choose how you want to get started. Think big, but start small. If you want to start using cloud-based software to organize your contracts, then you can. When you’re ready, you can add different types of information like claims, compliance policies, IP and much more.
In conclusion, legal software can be affordable, tailored to the size of your company and easy to implement. And, when you have full oversight over your legal matters, you can assume a more strategic role in your organization. Find out more about how technology can help boost your visibility with the C-suite in our latest ebook “The Changing Role of General Counsel”.