If you want to calculate the ROI of legal technology, you need to know how you’re going to measure it. Tracking key performance indicators (KPIs) will allow you to see if you’re on target. It’s a good idea to gather this information before you invest in legal technology, so you can compare the situation before and after. This will help you and your internal stakeholders understand any kind of productivity and efficiency gains, and how the legal technology translates into cost savings.
It's also worth noting that some things are difficult to quantify. For example, how can you assign a value to providing strategic advice? How do you put a value on time spent searching for documents? Using the example of searching for documents, you can track how much time it takes you to find a document and how much time you would save if you could carry out the same task with in a few minutes using legal technology
Below are some examples of KPIs you can track to help measure ROI
