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How Much should you pay for your Law Practice

by Irayya M
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Technology and automation is an integral part of our lifestyle and it is needless to discuss mankind’s dependence on the same. There is a certain level of automation in all business activities in the organized sector. The time when it required to create a need for technology is a thing of past and business houses themselves look for available technology. Law practice is no different in this context. Of late lawyers are well aware of the technology and automation options in the market.

Having said that, there is still an ambiguity in determining the right fit for individual Law Firm. It’s because of the wide number of solutions available in the market. Some of them are horizontal multi-industry systems, while others are more specific vertical software designed for Law Practice. But the primary point of confusion is due to huge price variation among different solutions available in the market.

Below are few factors to be considered to determine to justify if the price charged and paid is appropriate:
Cloud service– It is important to go with a vendor using a premium Cloud storage provider as it is critical for data security. If a vendor charges a marginal premium if not much for a better and branded cloud service, its worth the price.

Features and customization– In a business-critical application, customization to suit each individual firm’s way of working is critical. It is important to take into consideration that if a vendor is charging too little, can he provide the necessary time and critical changes for a long term.

Retention– Most of the solution providers in the market focus on sales and price their product cheaper in that drive. This cheap price bulk selling limits their capacity to provide quality support and retention with such products is rare. Actual success in B2B enterprise software is not sales but retention. Sadly it’s often been regretted.

Training Cost– No matter how easy enterprise software is easy to use, it still needs a certain amount of skill and knowledge to operate. The reason being real transactions being carried out in such systems. It can prove hard on the busy lawyers to figure out how the software works and hence arises the need of training and support. Vendors selling cheap software often charge extra for training and support which might not reflect in the proposed software price but still be a large amount. It’s important to consider the same.
To conclude, a lower priced proposal might be tempting but it is wise to take into account the hidden costs as well. Parallel to it, it is also important to consider the survival and motivation of the service provider because enterprise software is a key hardware of your practice. Again paying a surplus for big brands without through evaluation and lack of knowledge might cost you a fortune.
Examining the critical nature of the system, choosing the right practice automation software must be a balanced, informed and wise decision.