In today’s business environment, in-house corporate legal departments must work faster, smarter and more efficiently, and the best way to do that is by automating their processes. The old methods of collaborating and working by email and spreadsheets are obsolete.
Legal departments need a system that supports the highly collaborative nature of legal work in modern environments. That has created the need for best-in-class enterprise legal management (ELM) solutions to help drive operations, process efficiency, cost savings, and easier collaboration. To make the business case for them, let’s take a look at some of the benefits of using an ELM system.
Access to Legal Information
Instant access to the right data at the right time makes it easier to make better data-driven decisions concerning your organization’s activities. ELM solutions track and manage all aspects of your legal matters while enabling direct connectivity to outside counsel. That helps you stay on top of critical information and deadlines at all times.
Effective Legal-Document Management
The importance of efficiently managing legal documents cannot be overemphasized. When working with outside legal counsel, in-house legal departments must have a way to collaborate effectively when creating, storing, retrieving, editing and approving documents. ELM systems come with robust legal document management capabilities that enhance collaboration with outside firms and enable you to stay on the same page.
Tracking Legal Expenditures
Monitoring the costs of outsourced legal work is vital to managing expenses. Outside firms may inadvertently make errors when preparing legal bills and it can be easy to exceed set budgets for legal expenditures. As such, organizations looking to manage e-billing and legal-bill reviews, and monitor their spending on outside legal functions should use robust ELM solutions.
The best ELM systems provide legal departments with analytics and insights that will help them decide which legal matters to outsource or handle in-house. Those capabilities can also be used to make strategic decisions based on potential savings.
Since flat-fee arrangements are usually less expensive than standard hourly rates, organizations can reduce their outside legal expenditures by analyzing how long a matter should take. By weighing the cost of the two billing options per case, legal departments can make a better decision.
ELM solutions empower the departments to collaborate easily and more effectively with outside firms. They also bring about better transparency, especially in processes involving the review of legal bills.
Implementing ELM Systems
Despite the benefits and return on investment that an ELM system delivers to organizations, it’s essential that in-house teams keep information technology (IT) departments in the loop when choosing and implementing ELM. That may seem obvious, but many corporate legal departments overlook that essential step. Bringing IT fully aboard will make for easier implementation and integration of your system with other processes and activities.
ELM solutions offer opportunities for improving productivity, performance, and efficiency while reducing the cost of outside counsel, thus helping to revolutionize and empower your legal operations. Contact Acuity ELM today to learn more about the benefits of deploying an ELM system.