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How to combat overwhelm in evaluating LegalTech

Posted by Gene Turner on 01-Apr-2024 15:53:59

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As an in-house lawyer or lawyer in a firm, you may have heard about the benefits of using technology to improve your legal processes and get better outcomes. You may have seen some impressive demos or testimonials from vendors who claim to have the perfect solution for your needs.

But how do you decide which technology or approach is the best for your situation?

How do you navigate the overwhelming amount of information and noise in the market?

The truth is, there is no one-size-fits-all answer to this question. Different technologies and approaches have different strengths and weaknesses, depending on your goals, constraints, preferences, and context.

What works for one legal team may not work for another. And what works today may not work tomorrow.

So, how can you simplify your thinking and make progress in evaluating LegalTech?

Here are five suggestions that may help you:

Start with the problem, not the solution

Before you look at any technology or vendor, you need to have a clear understanding of the problem you are trying to solve and the outcome you are trying to achieve.

  • What are the pain points or inefficiencies in your current processes?
  • What are the risks or opportunities that you want to address?
  • What are the metrics or indicators that you want to improve?

By defining the problem and the outcome, you can narrow down the scope of your search and focus on the solutions that are relevant and aligned with your objectives.

Do your research and due diligence

Once you have a clear problem and outcome in mind, you can start looking at the different options available in the market.

You can use various sources of information, such as online reviews, peer recommendations, industry reports, webinars, podcasts, blogs, and newsletters, to get an overview of the trends, features, benefits, and drawbacks of different technologies and approaches.

You can also reach out to the vendors directly and ask them for more details, demos, case studies, references, and proofs of concept.

The key is to be critical and curious, and to verify the claims and promises made by the vendors. Don't just take their word for it, see it for yourself.

Compare and contrast your options

After you have done your research and due diligence, you should have a shortlist of potential solutions that meet your criteria and fit your budget.

You can then compare and contrast them based on various factors, such as functionality, usability, scalability, integrability, security, compliance, support, and pricing.

You can use a simple matrix or a weighted scorecard to rank your options and identify the pros and cons of each one.

You can also involve your stakeholders, such as your IT team, your business partners, your end users, and your management, in the evaluation process and get their feedback and input.

Test and validate your assumptions.

Before you make a final decision, you need to test and validate your assumptions and expectations.

You can do this by conducting a pilot or a trial with a small group of users and a limited scope of use cases. You can then monitor and measure the performance, usability, and impact of the solution, and compare it with your baseline and desired outcome.

You can also collect feedback from the users and the vendors, and identify any issues, challenges, or gaps that need to be addressed.

By testing and validating your assumptions, you can avoid costly mistakes and ensure that the solution delivers what it promises.

Be flexible and adaptable.

Finally, you need to be flexible and adaptable in your evaluation and implementation of LegalTech.

Technology is constantly evolving and improving, and so are your needs and expectations. What works today may not work tomorrow, and what doesn't work today may work tomorrow as the technology improves further.

You need to be open to learning, experimenting, and iterating, and to adjusting your strategy and tactics as you go along. You also need to be prepared for some failures and setbacks, and to learn from them and improve.

By being flexible and adaptable, you can leverage technology to enhance your legal processes and outcomes and stay ahead of the curve.

Conclusion

Evaluating LegalTech can be overwhelming, but it doesn't have to be.

By following these five suggestions, you can simplify your thinking and make progress in finding and implementing the best solution for your situation.

Remember, technology is a tool, not a goal, and it is only as good as how you use it.

Topics: Document Automation, Legal Technology, In-House Legal, Document Assembly, Law Firm Management, Legal Automation, Matter Management, Legal Operations, Contract Management

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