ELM software ROI is looking increasingly favorable for small and mid-size legal teams. Matter management is a big reason why.
As a product and marketing geek, I’m perpetually focused on return on investment. Whether it’s time, money or energy, how does that commitment translate back to delivering demonstrable wins vis-a-vis our strategic objectives?
If we spend two weeks building out our new data download feature, what’s our return on that time spent? Happier clients, more informed general counsel better equipped to make strategic decisions for their business? Does that new feature deliver the highest possible business value relative to its investment?
When we commit time and resources to the sector-leading CLOC Institute later this spring, does that help connect our brand with legal operations experts that are hungry for matter management, e-billing and analytics solutions in meaningful, quantifiable ways?
I’ve heard from a wide array of in-house legal counsel in various roles – many of whom have been challenged when attempting to calculate ELM software ROI. I’ve also reviewed 30-page dissertations on the topic, full of incredibly thorough and detailed business case assumptions that warm my nerdy soul but can be a bit overwhelming to busy professionals who are seeking an intuitive, concise analysis.
Over the next few posts, I’ll be introducing and exploring the fundamentals of Acuity ELM’s proprietary True ReturnSM Index. It’s our approach to calculating return on investment for ELM software – and contemplates savings and efficiencies that small and mid-sized legal teams can quickly realize. While classic legal software ROI models are driven by e-billing efficiencies typically recognized among the Fortune 100, the Acuity ELM True Return Index takes a more holistic view and includes savings derived from matter management – which for many teams is the primary catalyst driving their ELM investment.
Much more to come on this exciting topic. I’ll leave it here save to say that the numbers indicate – without a doubt – that there’s never been a better time to invest in enterprise legal management software.
Pam Jowdy is a product and marketing nerd at Acuity ELM.