A groundbreaking survey of our customers revealed that fully 56% of the documents created in the average law firm in the U.S. are repetitive, where most of the text remains constant between uses but each use needs to be customized based on specific circumstances. As a result, nearly 26% of the firms’ labor expense, which forms majority of total expense, is invested in the creation of repetitive documents.
Office productivity expert Roberta Gelb described an impressive example at the Chief Information & Technology Officers forum, where a midsize firm with 20 word processors wasted $800,000 a year using 60 minutes to manually prepare one specific document compared to the five minutes needed using intelligent document assembly.
Her presentation is supported by the survey, where our customers reported saving an average of more than 70% of the time previously needed for manual repetition. The resulting dollar saved is nearly 12% of total firm expense.
What’s 12%? In an increasingly competitive environment, it is success or failure. Put differently, it’s equal to the annual bonus or profit share in an average mid-size firm.