Implementing change is one of the biggest challenges in managing a law firm or any organization. In order to drive change and for true impact and success of any new initiative, especially around technology, it is imperative to assess and calculate the ROI.
"Law firms are the leaders at this time in developing and applying data analytics. Through the use of these tools, firms can predict outcomes and timelines of litigation, likelihood of success and other information that can be utilized to assist in setting alternative fee arrangements and other value-added applications.
...Like any new technology, early adopters must have the resources necessary to be able to purchase, implement and take advantage of these technologies, and their applicability is somewhat limited. But the potential is tremendous and many are taking advantage of them.
It is trite to say that in-house counsel do not have access to the same financial resources available to law firms. The expenditure of every dollar must be shown to somehow add directly to the bottom line or it must demonstrate efficiencies to offset the additional expenditures. This requires in-house counsel to make a detailed business case in order to justify expenditures related to AI and data analytics."