4 dos and don’ts of adopting a legal transaction management solution

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If you’re reading this, we certainly don’t need to tell you about the pressure law firms are under to work more efficiently these days.

Replacing low-value work that clients don’t want to pay for with high-value work that they do has become an integral part of a law firm’s success.

While some companies are redoubling their efforts on tactics that have worked in the past, other companies are finding innovative ways to leverage software to improve the efficiency of their service delivery.

At the same time, however, many famous legal technologies have had disappointing results after huge investments in expensive implementations.

Legal Transaction Management (LTM) is a return to the basics of using software to increase human efforts.

It provides a structured workflow that enables transactional lawyers to automate mundane and error-prone tasks that they currently perform manually.

But even the best tech products require a coordinated deployment strategy to ensure they thrive.

In this white paper excerpt, our friends at iManage provide the dos and don’ts of effectively deploying new legal transaction management (LTM) software in your law firm, so you can immediately recognize it. value.

Read on for some of these tips and complete the form below to download the full white paper, “A Complete Guide to Managing Legal Transactions”.

DO – Have Practitioners Try It Live

LTM tools have a lot of features, and it can be tempting to dive in head first. By starting with a simpler deal, or even just using the tool to create a closing book for an already closed deal, lawyers can take the time to learn the intricacies of the tool in a less pressured environment.

Getting that first transaction under your belt is key. In a negotiating team context, it may also be a good idea to initially restrict interaction with the tool to junior lawyers, paralegals, or assistants so that they do the heavy lifting. This fits in perfectly with the incentives, as these parts are expected to get the biggest efficiency rewards from LTM.

DO – Support users with internal resources

When users take the plunge and try LTM, make sure you have internal support available for them. A lawyer may not feel comfortable calling a supplier hotline and asking questions that include details about the unique features of their contract. Identify an internal champion who can become the expert.

They can provide on-demand training and be an ad hoc resource to answer questions as they arise during live transactions. In addition to that, take the time to establish an intranet page. Populate it with a quick tip sheet, recorded internal training sessions, links to vendor support resources, and key company contacts for the project.

DON’T – Use fictitious offers to evaluate the LTM

Legal transactions can be chaotic. Requirements can change from hour to hour, requiring a substantial revision of the closing checklist, redesign of documents and repackaging of signature pages.

For LTM to be a viable solution for your sales teams, you must prove that the software is flexible enough to adapt to rapidly changing circumstances. If lawyers can’t use an LTM tool with real fence, they won’t really realize the value it creates.

Watching an LTM tool save 30 minutes by creating signature packages in a simulated environment can have a low impact. Saving 30 minutes on the eve of closing a high-stakes legal transaction is a whole different story. After a customer thanks you for sending in a closing book the day after closing, we bet you’ll never consider going back to the old way.

DON’T – Limit use to a handful of avocados

We found that in an average law firm, only 10% of lawyers would be willing to take a risk by using new technology for the first time. While some attorneys have a reputation for it, those who are most excited to try LTM are often surprising.

The success of your deployment depends on these people, so it’s important that you find them. The best way to do this is to cast the net wide and see who comes out of the wood. Too often, a highly targeted deployment ends up failing by mistakenly assuming that a particular group has the time and interest to try out a new technology.

Demonstrating the app to as many users as possible from the start will quickly bring out the most interested people, allowing you to focus all your efforts on their success.

Complete the form below to download the complete white paper, “A Complete Guide to Managing Legal Transactions”.

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