3 Things to Consider When Buying Legal Tech

August 9, 2018 • Legal • 3 minutes

These three guidelines will help organizations find the best legal tech to fit their needs.

The legal market in the U.S. is huge—$437 billion, to be exact. The way law firms and corporate law departments work and function all are changing drastically. One of the biggest pushes for innovation is in the legal technology space. How can both in-house and external legal teams work to ensure they are using the best tools available to work with better compliance and more efficiency? These three things are key elements to ask when looking to buy any legal technology.

What is the organization’s need?

What is the current pace of an organization and where does the pace need to be? Do they need a better contract management solution that has specific features? Is compliance an issue? What are the biggest pain points in day-to-day work? These questions are just some that will help narrow in on what the need is for an organization.

Say, for example, a business works in multiple offices all over the world. Collaboration and ensuring everyone is working from the same version can be difficult when two people are working on the same contract in different time zones. Getting a signature quickly is even more difficult as a contract easily gets lost in email chains of negotiations. Efficiency and centralizing all people, processes, and documents in one place are what this company needs. A contract lifecycle management platform will do this by allowing people to collaborate in real-time, work from a single document, and e-sign a contract from the same place.

What can be automated?

Manual processes take up valuable time and revenue for any organization. Legal teams need to work not only with a high level of compliance, but reconcile that compliance with speed. Automating processes and compliance eliminates the need for administrative work that will allow Legal to focus on what they went to law school for—strategic work. Figuring out what can be automated through legal tech will drastically save time, energy, and valuable resources.

Is the organization getting technology products simply to buy tech?

With the push towards digital initiatives, there is a danger of getting products simply for the sake of getting them. Digital tools are only as useful as how they are being used. A plethora of products doesn’t serve a team well and will usually bottleneck processes, not streamline them.

Organizations should be looking for platforms that will put all processes into one place. Integrations are key for ensuring that the necessary tools flow seamlessly together.

Keeping these things in mind, finding the legal tech that will best serve an organization will be simple. Find out why legal teams are pointing to contract management platforms as one of the best legal tech tools they’ve bought by scheduling a demo here.

Create, collaborate, negotiate, e-sign, manage, and analyze all agreements on one platform.

See what Concord can do for you.

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