Remaking News of the Week: GCs’ tech budget woes

Today’s Remaking News of the Week: GCs’ budget woes covers recent Clyde & Co research reported in Richard Tromans’ Artificial Lawyer on 15 March 2019.

This table from Artificial Lawyer shows GCs’ main challenges in acquiring and implementing new legal tech.

It’s based on Clyde & Co and Winmark data.

IMO this survey is another proof of the age-old Value equation.
Translated this means Value (i.e. actual or perceived return investment) = Benefits to be derived (i.e. quantification of the better and faster mantra) – Price.
Simply put and viewed from the supply-side, the formula reads V + B – P. But in a corporate services context, Price = Cost, so it here it reads V + B – C. Cost (i.e. budget invested now) is measured in $ or £ whereas Benefits are mostly general statements about some, often indeterminate, period day in the future.
Further, corporate legal budgets are treated as a cost centres, a lesser form of life than revenue centres.
As Richard points out in his commentary, learning to qualify value-in-use is a skill set lawyers in general, and corporate law departments in particular, need to acquire to make the case for adopting LawTech.

 

 

‘Difficulty Getting Budget’ No 1 Reason GCs Struggle With Legal Tech was first published in Artificial Lawyer on 15 March 2019 and is reported here courtesy of Richard Tromans.

 

 

Posted by on Apr 11, 2019 in Law departments | 0 comments

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