Advancements and innovations in tech and information technology (IT) have become major forces driving improved delivery of expert legal services. The increased adoption of innovative legal technology is paving the way for accelerated improvements and efficiency in the sector.
Legal departments and teams take various approaches when looking to adopt new legal technology. Some purchase off-the-shelf legal software while others invest in expanding their internal expertise to deliver more-customized outcomes. No matter the tech-adoption strategy they take, it’s obvious that technology will remain a major touchpoint likely to determine the future path of the industry.
Need for Enterprise Legal Management Solutions
Although there’s no one-size-fits-all approach for adopting new legal technology, legal departments do have to choose the solution that’s right for their needs and use. But, that’s just half the battle. The resources required to invest in the technology must be made available, and all barriers and challenges to successful implementation must be taken care of.
One of the best-in-class solutions for legal teams in today’s complex business environment is enterprise legal management (ELM) systems. They are powerful, single-source-of-truth technology solutions for legal teams seeking to streamline their activities and automate the repetitive tasks associated with spend and matter management operations.
Business Case for ELM systems
While it’s easy for large enterprises with scores of staff and attorneys to justify an investment in legal-management technology, doing so for small- and mid-size businesses can be a bit of a challenge.
Before proceeding with implementation and deployment, businesses must obtain buy-in from stakeholders (management and legal teams) and convince them of the need to invest in and use ELM solutions.
Accountability, Transparency and Predictability
ELM systems improve the ability of legal teams to stay in the game by efficiently delivering the technological capabilities they need to keep their departments efficient and competitive.
The solutions bring accountability, transparency and predictability to legal processes, and enable easy management of internal legal documents and workflow along with electronic billing, invoicing and bill reviews. They also guide decision-making through accurate reporting and intelligent analysis.
ELM solutions can enable legal teams to function as true business entities by enabling them to cut costs and improve efficiency through accurate analysis of measurements such as the ratio of legal spend to total legal work. They can also measure the return on investment of outsourced legal help and do a cost-benefit analysis by comparing the performance and cost of outside counsel.
Also, mid-size businesses typically have smaller operating budgets than large companies and can dedicate only a small portion of it to technology investments. As such, the software as a service model used by best-in-class ELM vendors lends itself to such scenarios.
Businesses are under enormous pressure to deliver quality successful outcomes and reduce costs without affecting the productivity and efficiency of in-house legal teams. Investing in ELM systems can help improve management of legal workflows, collaboration and spend-and-matter management on tight budgets.
Want to learn more about how ELM solutions can deliver better outcomes, efficiency and cost savings? Contact a team member at Acuity ELM today.