-3-myths-about-legal-software
Legal10 April, 2017

3 myths about getting started with in-house legal software

In-house counsel see technology as an opportunity to raise efficiency however myths exist that prevent many from implementing software in their own legal departments. Getting budget approval, difficulty integrating existing systems and a lack of time are often cited as the main barriers to adopting innovation. However, these challenges can easily be overcome with the right approach. In this post we’ll debunk three myths that prevent many GCs from adopting innovation and show you how easy it is to get started:

Myth 1: Legal software is too expensive

Most legal software on the market is designed with large corporate legal departments in mind. These solutions often focus on automating processes or tasks and require complex integrations with other vertical systems, like CRM or accounting software, making them a costly purchase. For small legal departments these types of solutions include too many bells and whistles, and are too expensive. Instead, what GCs in smaller companies need is a simple solution that manages the information, not the legal tasks. Small legal departments can use technology to work smarter and collaborate with colleagues in other business units (instead of being seen as the legal bottleneck). They want to move away from spreadsheets and generic cloud-based software to a solution that empowers them to become more proactive and strategic in their role. A simple solution like effacts can do exactly that. Plus, it’s affordable for all sizes of in-house legal teams. With low annual subscription and configuration fees, in-house legal departments can start using cloud-based technology that increases efficiency, without spending a significant proportion of your budget.  

Myth 2: My legal department is too small to need legal software

The truth is that even if you are the only in-house lawyer in your company, cloud-based legal software can support you in assuming a more strategic role and give you peace of mind knowing your information is secure. If you are currently using spreadsheets to keep track of contracts or deadlines, how can you be sure that you’re effectively managing the risks to your company’s health? Or the opportunities to increase revenue? If you are storing documents in paper files or on your hard drive, what would happen in the event of data loss or theft? Regardless of the size of your legal departments, legal software can help you transform the way you manage legal information, like contracts, entities, claims, etc.

With Legisway, you have a will have a complete, secure and up-to-date record of all your company’s legal information at your fingertips. What’s more, using Legisways’ smart tools, you can compile, present and share the information efficiently and securely. For example, take preparing for an audit – an activity you may be faced with no matter the size of your legal department.

Preparing for an audit can be an all-consuming task as the list of documents required can be long: from anti-money laundering policies, evidence of compliance with anti-discrimination rules or data protection laws. You’ll often commit significant legal resource to retrieving documents, summarising information and printing binders out. You might even be forced into spending precious budget on a secure way of sharing your data with your auditor.

With a central repository, you can quickly compile the information you need, generate reports and safely share everything with the auditors, saving you time and money! In short, Legisway can give you peace of mind knowing that all your legal information is safe and that you can gather insights at the drop of a hat. Whether you are a department of one or ten, this is a benefit you simply can’t ignore.

Myth 3:  I don’t have the time (or resources) to migrate all of my legal information

The real question is do you have time to continue working the way you do now? Imagine for a moment all the wasted time you spend digging through folder after folder to pinpoint the right information, create reports, gather status updates on contracts and claims, or collect documents for audits. Imagine now if you had a simple yet powerful solution that transforms your information from a burden into a strategic advantage, giving you time to spend on high-value tasks and generate real business value! When it comes to implementing new software and migrating your legal information, you can choose how you want to get started.

Think big, but start small. If you want to start using Legisway to organise your contracts, then you can. When you’re ready, you can add different types of information like claims, compliance policies, IP and much more. You won’t pay any more in your annual subscription, no matter how much information you add. You’ll just pay a small one-off configuration fee for each type of new information you add.

In conclusion, legal software can be affordable, tailored to the size of your company and easy to implement.

For more information about how Legisway can help your small legal department transform the way you manage your legal information, visit our website and request a personalized demo!