Legal consultant and coach, Ed Poll, is an expert at offering advice to attorneys on everything from practice management, business development, succession planning, and strategy for lawyers and law firms. In addition to his outstanding blog, LawBizBlog, Poll also offers a free, yet extremely valuable email newsletter.
In the latest edition of his newsletter, Poll tackles the subject of technology for lawyers. He illustrates that while some technologies offer a competitive advantage, both in terms of productivity and the coolness factor, technology investments should be based on sound business decisions:
However, technology expenditures should not be made on emotion. They must be made because they provide an adequate return. There is no one right or correct rate of return. The return selected or expected is a function of personal choice, available alternatives, and available resources for investment. ROI is positive when the cost of repair exceeds the cost of the investment minus the sales proceeds, if any, on the used equipment. And the expenditure is most manageable when the firm creates and buys according to a budget, not according to emotion fueled by what’s cool or what other firms are doing – that is, buying with the head, not the heart.