Money Matters
Getting backing from the business is a crucial element for successfully implementing legal tech solutions, with a bigger budget one of the strongest predictors of future behaviour.
Making a first foray into legal tech can be a daunting experience for some legal departments. For a profession that (whether fairly or not) retains the reputation of being technological luddites, having the support of the wider organisation when taking the first steps with legal tech – or expanding on a positive start – can make all the difference, according to the in-house counsel that participated in our research.
A key element of any support received from the wider business was budget. It’s one thing for an organisation to deliver empty platitudes about wanting to modernise its legal department, but putting its money where its mouth is can be an entirely different proposition altogether. Of the 140 in-house counsel across Latin America that were surveyed during the research for this report, 62% said that their department had received an increase in budget specifically for technology over the last five years.
