September 12, 2024

Buying Contract Lifecycle Management To Mitigate Challenges

Buying contract lifecycle management software in the corporate legal department can mitigate challenges of daily contract management, workflows, contract drafting, administrative time, work efficiency, user engagement, and so much more. The initial aspect of fending off challenges to buying contract lifecycle management software is understanding what those challenges are and how to avoid them. In this blog post, we’ll...

September 10, 2024

Legal Management Software vs Case Management Software

In many industries, there is a co-mingling of terms to describe the same or similar functions. In the in-house legal world, "legal management software," “legal matter management software,” and "case management software" are often used interchangeably. This leads to confusion about their differences and whether one approach is more effective and valuable for in-house legal functions. What...

September 05, 2024

Contract Management Solutions Make Contracts Audit Ready

Whether you experience an internal or external audit, contract management solutions undoubtedly help mitigate the arduous preparation time. Audits keep the business under constant checks and evaluation, which can lead to improvements. Auditors require mass amounts of information, paper, files formatted in a specific way, supporting documentation, data, and proof points. The process is made easier and more efficient with...

August 30, 2024

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August 29, 2024

Contract Management Software Benefits For Legal Departments

Organizations deal with thousands of contracts at any given time. However, a failure to streamline and manage the organization’s contracts will cause delays and a slowdown in the company’s operations – which creates an undesirable bottleneck situation for any corporation. This is where contract management software benefits come in! Let’s learn how an enterprise contract management system integrated...

August 27, 2024

12 Benefits Of Legal Intake For The Law Department

In a recent blog post , we discussed what is legal intake in the corporate law department. In today’s article, we look more closely at the benefits of legal intake for the legal team and legal operations professionals. Legal teams, generally, manage a variety of work. This includes contract negotiations and contract breaches (something manageable with contract lifecycle management ); lawsuits from internal employees;...

August 22, 2024

10 Stages of Contract Lifecycle Management

In the stages of contract lifecycle management (CLM) legal departments may have five, seven or more various steps in the lifecycle of contract management . In this article, we review 10 stages of contract lifecycle management and explain the importance of each for a more streamlined and systematic approach to the CLM process in the legal department. Stages of Contract Lifecycle Management The world of contracts is...

August 20, 2024

Legal Intake For Corporate Law Departments

In your corporate legal department, what is the legal intake process for receiving work from business stakeholders throughout the company? Perhaps you have a tried-and-true methodology that works extremely well, or, you’re testing the waters with a legal intake process that feels clunky and inefficient. Regardless, every corporate legal department needs an efficient way to manage inbound requests from all business...

August 15, 2024

Legal Department Financial Management Tools Decrease Legal Spend

By Kris Satkunas and Stephanie Beck In legal operations, a two-fold everyday challenge centers around billing and legal spend management. Legal departments experience high volumes of invoices from outside counsel that should receive thorough review. Legal departments without advanced e-billing software engage in this process manually, which can lead to non-compliance with outside counsel guidelines and over-payment...

August 13, 2024

What Is Digital Contract Management?

As companies grow, so too do the transactions that turn into volumes of contracts. Contracts range in complexity, correlating to the type of the deal and whether the contract is written for an individual, a small company offering services, or a merger or acquisition. The corporate legal department knows all of this extremely well because they are the originators of contracts from start to execution. If a company is...

August 06, 2024

Enterprise Legal Management Features Improve Law Department Value

Legal departments are critical to companies. In particular, those legal departments that function with enterprise legal management features are more valuable to the company. In this article, we’ll explore what enterprise legal management is, enterprise legal management features that legal departments need, and the benefits provided. What is Enterprise Legal Management? Legal departments consist of legal operations...

August 01, 2024

Product Spotlight: LexisNexis CounselLink+ For Corporate Legal

LexisNexis® CounselLink+™ is a cloud-based enterprise legal management (ELM) and contract lifecycle management (CLM) solution integrating exclusive LexisNexis content in a single collaborative platform to benefit corporate legal departments. With a fully integrated CLM and access to proprietary LexisNexis content, CounselLink+ is a legal operations hub with necessary data and tools in a single, collaborative...

July 30, 2024

What is Legal Spend Management?

Legal spend management in the corporate law department occurs daily, mostly by legal operations professionals who manage the department’s budget. Most of the focus with legal spend management centers on outside counsel billings, partner rates or the hiring of alternative legal services providers. Likely, the legal department manages hundreds, if not thousands, of invoices annually. If the invoices are paper...

July 25, 2024

How To Evaluate Outside Counsel Performance

Legal departments must evaluate outside counsel performance periodically, or eventually poor performance impacts the overall health of the department, its ability to be a valuable partner to the enterprise, and the maintenance of a balanced budget. The first step when we evaluate outside counsel begins with setting the guidelines for that evaluation and vendor management . A legal department needs to consistently define...

July 23, 2024

Legal Department Financial Management Cloud Solution

Legal department financial management improves when legal operations professionals consider using enterprise legal cloud solutions. In this blog, we will explore some of the tools legal operations professionals can use when managing the law department’s budget. These tools help with legal billing from outside counsel and vendors, essentially helping maintain a balanced budget. While budgets come in many shapes...

July 18, 2024

Contract Lifecycle Management Overview for Legal Departments

In this Contract Lifecycle Management overview, we look at the systematic management of the entire lifecycle of a contract, from initiation to execution, renewal, and termination. CLM is pivotal in enabling corporate legal departments to streamline their contract processes, enhance efficiency and maintain control over their contractual obligations. When choosing a CLM solution for the corporate legal department, select...

July 16, 2024

Enterprise Legal Management Software for Corporate Law Departments

Enterprise Legal Management (ELM) software enables the corporate legal department to manage legal spend with vendors and outside counsel; manage work intake; manage matters from start to finish; conduct legal bill reviews with AI; develop data-driven analytical reports for stakeholders; manage the contract lifecycle and create a more collaborative work environment between the legal team, legal operations and the entire...

July 03, 2024

Legal Spend Cost Saving Strategies for the Law Department

by Kris Satkunas and Stephanie Beck Virtually every legal department is under pressure to reduce and tightly manage costs. And for most legal departments, legal spend cost saving with outside counsel represents a very large portion of that cost. In addition to enforcing the billing of approved timekeeper hourly rates or alternative fee arrangements, LexisNexis® CounselLink® has features to manage discount arrangements...

May 05, 2024

Empower Legal Department Success with the CounselLink Advantage

Legal department success is defined by being a strategic partner to the business, adhering to company goals, delivering quality legal counsel, and optimizing legal costs and resources. Put simply, legal operations professionals manage the procurement of technology solutions; selection and hiring of vendors; collaboration; work intake; analytical reporting; and so much more. To successfully reach these enterprise-level...

May 03, 2024

Large Law Wallet Share Dominates, CounselLink 2024 Trends Report Shows

The CounselLink ® 2024 Trends Report: Dynamics Shaping the Future of Legal , reports on outside counsel median partner billing rates and other data culled from the enterprise legal management platform benchmarking database. For the second straight year, corporate legal paid higher legal fees to outside counsel while Large Law wallet share dominated. Its influence is especially apparent in five key practice areas....

April 26, 2024

What Is A Relational Contract And How It Benefits

If you are thinking of forming healthy and cooperative business relations, then consider a relational contract. Such contracts, increasingly popular, foster better collaboration and transparency while also legally binding the parties to match each other’s expectations and interests. These types of contracts are more challenging to execute. Creating a legally compliant contract without a lawyer can take hours of...

April 03, 2024

Contract Lifecycle Trends You Can’t Ignore

In a rapidly evolving business landscape, staying in touch with the latest contract lifecycle trends is critical in maintaining competitiveness and compliance. Failing to adapt to changing dynamics could mean missing out on substantial growth opportunities, increased efficiencies and the ability to minimize risks. For instance, emerging technologies like artificial intelligence and machine learning are integrated into...

March 15, 2024

Spring-Cleaning Checklist For An Efficient Legal Department

The office is often worse than home with paper (yes, there’s still paper) files collecting dust in the corner, digital files spread among remote storage, digital folders, portable hard drives, and the cloud. Add overflowing email in-boxes, folders and bookmarks to the mix, and who has time to organize their technology and make an efficient legal department? Spring is a good time to put technology at the top of...

March 06, 2024

Legalweek 2024 General Counsel Workshop Insights

During Legalweek 2024, LexisNexis ® CounselLink ® and ALM sponsored a first-of-its-kind General Counsel workshop for CLE credit. Joining CounselLink Co-moderators Kris Satkunas, Director of Strategic Consulting, and Dan Ruderman, Director of Partnerships, were panelists: Kim Pryor, General Counsel, JBS ® USA Food Company Ian McDougall, General Counsel, LexisNexis Ellen Hudock, Vice President, Head...

March 05, 2024

Legalweek Panel On Contract Lifecycle Management and AI

By Madhavi Adivi, Senior Client Engagement Manager, LexisNexis ® CounselLink ® The emergence of Contract Lifecycle Management (CLM) as a powerful tool, especially with the integration of Generative Artificial Intelligence (Gen AI), opens new possibilities for corporate legal departments that traditionally utilize Enterprise Legal Management (ELM) systems like matter management and legal spend management. ...