How to Select Legal Tech With a Quantitative Approach
Selecting the optimal tech tools for your firm is easier said than done. Make the wrong decision and you will waste not only money but also time and effort. However, tech is not the average attorney’s specialty. There is no reason to limit the number of prospective options to implement at your business due to tech ignorance. Nor is there any reason to follow the path of least resistance. It is imperative you take your time, review all tech options and find the right price point.
Perform a Quantitative Analysis Before Selecting Legal Tech
Take some time to consider the business and legal requirements of your unique business. The final decision should be heavily influenced by an in-depth quantitative analysis. This approach guarantees your decisions are made in accordance with your firm’s unique needs and your decision is truly objective.
The quantitative approach to choosing legal tech starts with the identification of the problem to be solved.  Create a list of features necessary to solve this problem. As an example, options include a smart form to gather information, a seamlessly integrated tool for electronic signatures and approval via email. Create an expansive list of the functional requirements for contract life cycle management systems. Transmit this list of features to the vendors for completion. Score each vendor’s responses, rank solutions and make a decision. In terms of weighting, it is logical to use a scale of 0 to 5 in which low numbers represent indifference while high numbers represent essential or critically important items.
Quantify Availability
Some vendor systems do not cover specific features while others are more expansive. Use a weighting system similar to the one detailed above to quantify the availability of each vendor’s offering. As an example, if a certain feature is available immediately, straight out of the box without any need for customization, it should be scored on the upper end of the numerical scale. If the feature is merely available yet vendor configuration is required or not on the road map of all, it should be scored on the lower end of the scale. The scores in each category should be weighted to determine each vendor’s unique score.
Rank the vendors to determine which are worth extended consideration. The overarching aim should be getting as close as possible to performing a live test of the system. If possible, procure access to a sandbox or a tryout period in which you can opt-out of the license if disappointed. Such testing will shed light on obstacles standing in the way of implementation that cannot be identified in a demo.
Invest the Time and Effort Necessary to Select the Right Legal Tech
It will take some time, effort and patience to quantify the merits and drawbacks of prospective legal tech. Make this investment, partner with the right tech provider and you will have all the information necessary to make an informed choice. When in doubt, consult with the tech experts for guidance throughout this challenging yet important process.
