Where Is Your Firm on the Technology Curve
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The firm’s management committee has hired a consultant to resurrect a neglected strategy plan. “What if you could purchase technology that would enable you to do legal work in half the time?” she asks. “Searching, drafting and review of standard agreements; leases, loan agreements, employment contracts. You could quickly locate the best practice work you’ve already done, to help you craft new agreements in a fraction of the time.”
“What would it cost?” a partner asks.
“Assume it’s free, but that’s not the issue,” asserts the consultant.
“That’s always the issue,” another partner declares.
“And that’s one of your problems,” the consultant replies. “This is about gaining a significant competitive advantage by lowering costs and increasing your value to clients.”
“By cutting our fees in half?” the managing partner asks. “Why would we do that?”
The consultant looks around the table, then quietly says: “to survive.”
Who hasn’t speculated where our firms are on the technology curve: Leading edge? Bleeding edge? Falling behind? Can we ever catch up? Those days are gone. The curve we must now watch is survival. On that continuum are four critical questions.
Read more: www.lawtechnologynews.com/id=1202714710952/Where-Is-Your-Firm-on-the-Technology-Curve#ixzz3Ohc609YV
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