For example, some companies use the following data :

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number of lawyers in the company;
average salary of a lawyer;
number of documents processed per year;
average document processing time;
the share of a specialist's working time that is spent on processing documents.
Examples of requests for ROI calculations are common. Sometimes bulgaria whatsapp phone number it seems that a turnkey solution will be expensive. But after calculating the ROI with all the customer's data, it turns out that the finished development will pay for itself in full within 3 years.

It also happens that a company really wants to implement a solution, but the volume of contracts and other conditions are insufficient to recoup the investment. Then the customer decides independently whether to develop the solution or not to start the project.

Depending on the ROI indicator, you can decide whether it is profitable to implement the product or hire additional employees. When making a decision, it is also important to consider the strategy of the legal department.

According to Legal Insight, 31% of respondents prioritize establishing interaction with other teams, so if there are disruptions in the work of lawyers, related departments will also suffer.


Results of the Legal Insight study on the degree of automation of legal departments


One important aspect is not included in the mathematical formulas for calculating the efficiency of implementation. LegalTech solutions help reduce the number of errors associated with the human factor.

Lawyers check dozens of multi-page documents every day, get tired and, as a result, make mistakes. Mistakes can lead to huge risks and losses for the company.

When a specialist interacts with a system that analyzes documents, he focuses only on the identified risks, remains highly productive and less tired.

The probability of errors due to the human factor is difficult to calculate and cannot be included in the ROI (return on investments) formula, but it is definitely worth considering when making a decision on implementation.

Tip : When calculating efficiency, rely on clear ROI formulas and potential benefits that are difficult to quantify, such as reducing human error.