You invest in technology on the premise that it will enable greater profitability in the end. For example: an e-discovery subscription cost of $1000 can save you $10,000 in fees to bring temporary attorneys on board for document review.
But most ROI is not so easy to measure. How can you tell whether you will see a return on, say, case analysis software, or a legal drafting tool? You need real value in return for your investment in litigation technology.
In Tracking ROI: The Bottom Line on Technology Solutions for Small Law Firms, Mick Lavelle, Senior Director of small law firm Inside Sales and Account Management at Thomson Reuters, walks through two ways to measure the return on litigation software.
- Case analysis/case management: software that organizes case files, facts and exhibits, allows searching even across image or PDF files, and even surfaces important facts that can impact case strategy.
- Litigation drafting: software that installs into a word processor, and enables you to research, access case files, cite authority and more.
Tracking ROI is the next in the company’s Independent Thinking series, offering business and trend insights for small law firms. Download the free article to delve into value of litigation technology.