March 25, 2005
Generating Profit from Tech
I read an article well worth your attention. The article was by Ross Kodner, a Milwaukee attorney and frequent author (rkodner@microlaw.com), titled Generating Profit from Tech that appeared in the March 2005 Law Technology News.
Kodner notes, “Little time increments…can add up to big returns." He uses the example of a 10-lawyer firm with 15 legal assistants/paralegals. A savings from technology in non-billable administrative time of 15 minutes a day per attorney and 30 minutes per day per paralegal generates $570,000 over a four-year period. Kodner refers to this as ROLTI, i.e., Return On Legal Technology Investment.
He makes the point that technology accomplishes several objectives for a law firm:
- Leveraging work product
- Maximizing profitability
- Providing a competitive advantage
As I read it, the moral of Kodner’s article is that the law firm should be seeking out technology investments that will enhance partner income and wealth through ROLTI. Technology investments should not be viewed as an expense¾each and every new investment should have a positive effect on partner income and wealth. They should make you money; not cost you money.
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