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How to convince the C-Suite for Adopting Legal Technology?

So how do the GC get approved the new and improved legal tech budget?

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Align Legal benefits with strategic business goals:

In order to make a strong case for legal technology amidst the C-Suite, General Counsel(GC)s need to demonstrate the value of legal tech not just in terms of workflows but in bringing overall efficiency and productivity in the organisation. From time saved in carrying out manual, onerous tasks to assisting in strategic decision-making, or bringing transformation in long approval cycles to faster approval cycles and increased responsiveness, GCs can reflect these benefits to the C-suite who expect any and every investment to bring a tangible ROI to the organisation. Apart from the evident advantages, GCs can leverage their need of legal technology by demonstrating the opportunity to improve the business’s capabilities and competitive advantage.

Integrated Legal technology platforms have enabled to not just improve the efficiency and productivity of legal departments but also improve collaboration among other departments such as IT, Sales, Procurement, Finance, etc. Whether its contract sharing and updation with the sales, or compliance reporting with the finance, the workflow can become seamless and streamlined with an integrated Enterprise Legal Management Platform. Disruptive technologies like these will not only improve competencies among various departments but also improve communication, consistency of work and data flow spanning across the business, meanwhile allowing the board to have a cleat visibility of overall legal risks and functions on a single dashboard view.

With the ever increasing speed of change in technology, the CFO needs to be very aware of the risks associated with
effectively implementing technology projects.

Platform. Disruptive technologies like these will not only improve competencies among various departments but also improve communication, consistency of work and data flow spanning across the business, meanwhile allowing the board to have a cleat visibility of overall legal risks and functions on a single dashboard view.

This enhanced association is further defined by the intersection of two most volatile departments in any business, legal and finance. With the growing global regulatory environment, legal is tasked with ensuring the organisation is compliant to the various regulations and policies, thus creating an opportunity of convergence for both legal and finance department. This further leads to a prospect of collaboration between the General Counsel and the CFO. Leading CFOs who have stayed on top of the increasing regulations have known to implement integrated solutions like ELM platform that enabled them to automate, simplify and streamline the entire compliance process. The platform enables strategic risk management by reducing errors, risk mitigation and monitoring of regulatory/compliance risks with an enterprise-wide view and quick turnaround times, thereby, augmenting the performance of the organisation.

It may seem difficult to measure the gains created by a legal function in the same way as, say, a sales function. Many of the legal team’s important contributions to the business - such as avoiding fines, litigation or reputational damage - are difficult to evaluate. However, the impact of legal spend in many areas can be tracked accurately with the help of calculating ROI of the legal technology spent.

The potential for gains from adopting new legal technologies should not be underestimated, despite the potential costs. A 2014 benchmark report by Blue Hill Research found that the expected ROI for implementing electronic billing, automated processing and spend analytics was 766.0% in the first year alone.