Enterprise Legal Management Software: Benefits, Features, and Examples
Overview: Enterprise Legal Management (ELM) software is an integrated platform that provides enterprise-wide efficiency, control, and visibility to corporate legal departments. This software allows legal departments to manage legal spending, litigation, regulatory compliance, intellectual property, contracts, and more. In this article, we will discuss who uses this software, its benefits, features, and provide examples of relevant ELM software products.
Who Uses Enterprise Legal Management Software?
Corporate Legal Departments: The primary users of enterprise legal management software are in-house legal departments in large corporations. ELM software helps these departments to manage their legal operations more efficiently and cost-effectively. They can use this software to track budgets, manage contracts, manage legal spend/fees, track litigation, and comply with legal regulations.
Legal Operations Professionals: The Legal Operations teams also use ELM software to manage and automate legal processes, which helps them reduce legal risks, discover cost savings opportunities, centralize data, and manage dashboards.
Benefits of Enterprise Legal Management Software
Cost Savings: ELM software can help legal departments save significant amounts of money by providing cost control, reducing legal spend and fees, streamlining legal invoicing, and managing legal budgets. This software can also identify cost saving areas, missed fee agreements, and reduce expensive legal operations.
Efficiency and Productivity: ELM software can improve the efficiency and productivity of corporate legal departments significantly. This software automates legal processes, manages workflows, and provides activity tracking to ensure that legal operations are completed efficiently and on time. Built-in automation of many legal processes can help reduce time-consuming, repetitive tasks.
Risk Mitigation: ELM software provides legal departments with a comprehensive and systematic approach to managing and mitigating legal risks. This software can help them identify and respond to potential legal problems proactively. ELM software also helps legal departments remain compliant with relevant legal and regulatory requirements.
Features of Enterprise Legal Management Software
Contract Management: Many ELM software platforms come with a contract management module to manage and store all types of legal documents such as contracts, leases and much more. This feature includes integrated collaboration tools to help legal teams to collaborate on contracts and other legal documents throughout the process.
e-Billing: ELM software offers legal billing software to manage invoices and maintain cost data. With this e-billing feature, corporate legal departments can approve invoices, ensure invoice compliance, and track legal spend in real-time.
Legal Matter Management: Legal matter management is another essential feature of ELM software. The software provides tools to manage and track legal cases and matters as they move through the litigation process, including matter collaboration, workflow, and task assignment.
Five Examples of Relevant Enterprise Legal Management Software
Onit(www.onit.com): Onit ELM software provides a range of legal operations automation including, but not limited to legal billing, contract management, and matter management. It provides the most extensive range of features to tackle legal activities spanning numerous industries.
Exterro(exterro.com): The Exterro ELM solution offers a versatile platform that allows you to create a custom, automated, guided workflow for a wide range of business processes, including data management, litigation and compliance.
Thomson Reuters Legal Tracker(legaltracker.com): Formerly known as Serengeti Tracker, Legal Tracker offers comprehensive, automated e-billing and matter management for corporate legal departments.
SimpleLegal(simplelegal.com): This ELM software provides intuitive tools that help businesses to manage cost and tracking to make data-driven decisions around legal department expenditure all the while delivering a modern user experience tailored for legal operations.
TeamConnect Legal Operations(mitratech.com): This ELM software provides a wide range of functionality within legal spend management, document management, e-billing, matter management, and vendor management. It caters more towards mid- to large-sized legal teams and offers a wide range of features within its modular platform.
In-house legal departments can use enterprise legal management software to boost their efficiency, productivity, and risk management. With access to e-billing, contract management, legal matter management and other collaborative tools, enterprise legal management software enables the seamless operation of legal teams charged with handling large volumes of legal matters. With the five examples provided in this article, it is possible to find a platform that will suit your specific requirements and provide the customized functionality you need to manage your legal department effectively and efficiently.