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In mid-July 2024, the CounselLink blog was officially launched, publishing twice weekly to provide those interested with enterprise legal management features and content for the corporate legal world. Our audience of readers is people in legal operations, in-house legal teams and the outside counsel they hire.
Legal topics run the gamut from anything relating to enterprise legal management software; contract lifecycle management solutions; financial management and cost-cutting strategies for legal departments; matter management; vendor management tips; and data on the annual trends report. Anything that provides readers with legal industry news is fodder for our posts. We invite byline articles, too, and when there is product news, we’ll include that, as well.
In case you missed our most popular content during the latter half of 2024, below you’ll find a recap of featured articles to peruse at your leisure. Of course, reach out to discuss anything below or to set up a conversation about how we can help optimize your legal department in 2025.
LexisNexis® CounselLink® is an enterprise legal management platform designed to optimize legal departments with a one-stop solution. Its features are many of those listed below and include contract lifecycle management, financial management, matter management, and vendor management, to name a few. Here are two of the most popular articles we published on this topic:
Enterprise Legal Management Software for Corporate Law Departments
This blog post provides an overview of enterprise legal management features for the corporate law department. It is in-depth and intended to describe the solution: what it does, how it benefits, and its features. The audience is legal operations professionals.
12 Benefits of Legal Intake for the Law Department
A legal department using enterprise legal management software benefits from work intake features, especially those provided by CounselLink. A robust ELM software allows business stakeholders to utilize forms for legal requests and add legal requests to the intake queue. Moreover, a legal assistant, called “Ask Legal,” can be added to work intake so business stakeholders can self-serve and alleviate the attention needed by the legal team.
Contract Lifecycle Management OverviewLegal departments that manage contracts can no longer manually execute these critical documents. In this overview, learn about the features, functions and benefits of contract lifecycle management software to make the entire contract lifecycle more efficient. Legal operations professionals gain a full understanding of this necessary solution for legal teams.
Legal CLM KPIs in the Law DepartmentWho knew legal operations professionals could use contracts to realize key performance indicators? The legal CLM software provides many metrics that help measure performance in the legal department with proof points showing value as a strategic partner. This blog post contains various KPIs that legal operations can use to showcase value.
Legal Department Financial Management Tools Decrease Legal Spend
This byline, authored by Kris Satkunas and Stephanie Beck of LexisNexis CounselLink, details various cost-cutting strategies for the legal department. Because legal spend is consistently rising, legal operations professionals need methods to reduce costs and budgets attributed to matter management and outside counsel spend.
Legal Department Budgeting with Smart Financial Tools
When law departments select ELM software to optimize operations, one of the key benefits is AI-powered smart financial tools that assist with invoice review and automatic correction, as well as managed bill review that provides a human component to billing review.
Benefits of Legal Matter Management Software
Many ELM solutions begin with a matter. Once a matter is opened, the legal team can conduct a plethora of tasks. One of those critical features is the creation of a software ecosystem that integrates contracts with matters and one-touch access to other LexisNexis subscriptions.
Improve Legal Matter Management with Enterprise Legal Management Software
Matter management software functions best when integrated with an enterprise legal management solution. This integration enables contract linking within the Microsoft 365 interface. Lawyers can open a matter and easily find the respective contract and other related documents in one unified workspace.
11 Years of Trends Reports
Annually, CounselLink and Author/Influencer Kris Satkunas, Director of Strategic Consulting at LexisNexis, publishes a trends report. In 2024, the publication marked the 11th anniversary of annual trends data. Also in 2024, a special edition trends report was published with data from January to July 2024. This information indicated that outside counsel rates continued to rise, just not as exponentially as expected. The 2024 trends report featuring 2023 data is accessible here and the special edition report is accessible here. Quarterly updates by CounselLink add innovative tools to the ELM solution so corporate legal departments can continue to scale and grow with strategic and data-driven decisions. Learn more about how we can help.