Lawyer Monthly - October 2022

Whether it is e-signatures, virtual data rooms, or robotic process automation, most law firms have adopted technology to make team and client processes more efficient. However, when your firm wants to offer a new capability, many teams wonder whether they should buy the tech through an ‘off-the-shelf’ offering or work with software developers to build the tech instead. It is never an easy decision. There are costs, timelines and in-house capabilities to consider. The key is to make the right decision for the company, as going down the wrong route can be costly. Industry figures vary, but a single hour of IT downtime can cost between $1 million and over $5 million, according to Information Technology Intelligence Consulting. Gartner puts this figure between US$100,000 to US$540,000 per hour. To help make the decision easier, here are three questions you and your team should consider before deciding which route to take. 1. Can off-the-shelf tech truly align with our business processes and needs? Opting for a solution that is readily available out of the box often seems like the easiest option and sometimes it can be. However, with off-the-shelf solutions, Software Development Questions LawFirms ShouldAsk Themselves Special Feature Law firms’ reliance on legal tech is accelerating, with the sector as a whole seeing rich dividends from digitalising its business. However, successful use of tech can only occur when the software is specialised for law and for a firm’s own specific needs – so how can those firms ensure that they adopt software that meets those needs? 44 LAWYERMONTHLYOCTOBER 2022

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