3 Ways to Increase Your Legal Analytics Budget and Look Like a Hero
At first thought, requesting a budget increase doesn’t sound like a great idea. There are risks involved, and rocking the boat can disrupt the traditional structure of managing and rewarding individuals for their ability to work within a set budget. Great managers, however, understand the bigger picture and know that increasing their budget is often a necessity to achieve great gains (that outweigh this increase!) for their firm. When is the last time you heard of a company or law firm failing despite being able to tightly manage their budget? Answer: all too often. When is the last time you heard of a company or law firm failing due to their dedication to being forward thinking and innovative? Answer: all but never.
Immediately impact revenue
How much time did your firm write off last year? What was the impact of write-offs on revenue? Can the answers to these questions be broken down into employee role, type of work, or another attribute? If you’re in charge of evaluating new technologies and don’t know the answer to these questions, you might be in trouble.
If you do know the answer to these questions, then you are also likely aware that a legal analytics budget can improve your firm’s financial picture. A recent Blue Hill Research report noted that on average more than $60,000 of research time per associate is written off. How much can you spend to help fix this problem? Probably not $60,000, but a well-thought-out business case in front of the right executive should easily be able to open ten percent of that value–$6,000–in a new legal research budget to help save your firm a lot of money.
Stay ahead of the competition
Law firm partners and marketing professionals are going into companies every day and saying things like, “we are the best choice because of X.” Some of the items they mention are constant, such as personnel and experience. But what happens in a world where it’s difficult to distinguish between personnel and experience? The best law firms put themselves ahead of the pack by adopting innovative technology to better service their clients. These firms see technology pay for itself in two ways: (1) they increase firm productivity and (2) they provide their clients with more value.
Identify professional development opportunities
Training doesn’t happen automatically. Most attorneys get better at their jobs over time, but those who are exposed to continual training improve most quickly. Legal analytics tools directly impact an Associate’s ability to perform his or her job. Associates are eager to develop their skills with advanced tools to help their firms provide higher value to clients.
An increased legal analytics budgets allows forward-thinking firms to seize opportunities. To take advantage of an opportunity, you need to make the case for a budget increase. Legal analytics allows for an immediately positive impact on firm revenue, allows you to stay ahead of the competition, and improves professional training and development. Check out how innovative firms are applying their legal analytics budget with high value tools like Ravel. Let our Whitepapers do the math.