Legal Software Purchase Business Case Template for In-House Legal Teams

Legal Software Purchase Business Case Template

Secure stakeholder approval and support with this comprehensive business case template. This template covers all key elements of a strong business case to ensure it’s effective and persuasive. Leverage this template to ensure that your proposal is well-structured and addresses all necessary points for a successful pitch.

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About the Business Case Template

Buying legaltech software involves more than just deciding to buy. More companies are facing economic headwinds, meaning reduced budgets and more scrutiny for any new purchase. It’s essential for in-house legal teams to put together a compelling proposal for new purchases in order to win over business stakeholders such as Finance, Procurement, and IT. A well-structured business case proposal not only organizes thoughts but also significantly strengthens the argument for the purchase, aligning it with the company's strategic goals and resource allocation priorities.

While you can easily build your own business case proposal from scratch, Streamline AI’s template saves you time by providing you with a set of ready-to-use structure and examples to customize for your legal software purchase.

Best Practices for Building a Business Case for Legaltech Software

Legaltech software can be a game changer for streamlining operations, reducing risk, ensuring compliance, and boosting productivity. Convincing decision-makers to invest in legal technologies requires a strong case, demonstrating its value, alignment with business objectives, and clear return on investment.

Start by assessing your current processes to identify inefficiencies where software can make a significant impact. For example, in-house legal teams often grapple with a high volume of legal requests from various business departments like Sales and Marketing, and the sheer volume can become overwhelming without the right tools. Intake and workflow automation software like Streamline AI enables in-house legal teams to be more agile, responsive, and efficient, fostering a sense of collaboration and trust with business stakeholders.

Research potential software options, gathering real-world testimonials and case studies from legal forums like TechGC, CLOC, and LegalOps for insights. Ensure the software aligns with your broader business goals, enhancing response times, deal closures, or risk navigation. Engage stakeholders across departments, recognizing that benefits like improved legal efficiency can extend across the organization. This collaborative approach can lead to shared budgeting and broader support for the software. Finally, conduct a cost-benefit analysis, considering not just cost savings but also time efficiency and revenue-driving capabilities. This comprehensive approach ensures the selected software solution is widely supported and effectively integrates into your organization’s workflow.

A business case proposal is just one step in winning the budget your legal team needs. Dive deeper into how to make the case for legal intake and workflow automation software.

Commonly Asked Questions

What are the elements of a business case for a legaltech software solution investment?

The elements of a business case for a legaltech software solution investment typically include:

Executive Summary: This section provides a concise overview of the proposal, including the purpose, key features, urgency, and cost justification of the new software. It should be clear and compelling, encouraging stakeholders to delve into the details.
Pain Points: This part outlines the current challenges or issues being faced, such as manual processes, inconsistent triage, limited visibility, and security risks in the existing system.
Solution: Describe the proposed solution without specifying a product, focusing on how it addresses the identified pain points. Highlight key features like centralized intake, task management, and real-time dashboards.
Benefits: Detail how the solution will add value to the legal department and business functions, emphasizing increased efficiency, improved accuracy, enhanced visibility, and risk mitigation.
Financial Justification: Provide a thorough financial analysis, including cost-benefit analysis and ROI projection. Use concrete examples and calculations to demonstrate the financial benefits of the investment.
Costs & Resources: Outline the total implementation costs, annual operating costs, and ROI calculation. List the resources required for successful implementation.
Execution Timeline: Include a detailed timeline of tasks and activities, along with responsible parties, to ensure a structured and timely implementation.‍
Project Stakeholders: Identify key individuals involved in the project, such as the executive sponsor, project manager, and trainer, to ensure clear accountability and communication.