September 24, 2024

Benefits of Legal Matter Management Software

Legal departments face an ever-increasing workload. With a shrinking world, the complexity of legal matters shows no signs of abating. Effective management of legal matters is crucial for ensuring compliance, mitigating risks, and optimizing resource allocation. That’s why ensuring that the benefits of legal matter management software come into play. The legal team and operations professionals require a comprehensive...

September 23, 2024

Product Spotlight: LexisNexis CounselLink Counsel Selector

LexisNexis® CounselLink® is pleased to announce a new feature, powered by the Lex Machina® Legal Analytics® engine, to help general counsels identify the most appropriate outside attorneys and law firms to meet their litigation needs. Outside Counsel Selector, now accessible through CounselLink, is available to existing CounselLink customers as part of a commercial preview running through the end of...

September 19, 2024

Activate Legal Department Financial Management Capabilities

In the arena of legal department financial management, legal operations professionals must manage the critical aspects of operations, managing legal spend and budgets, tracking expenses, and ensuring compliance with financial regulations, to name a few. In this blog post, we review some of the challenges and ways to improve featuring legal financial management software. Further, we explore enterprise legal management...

September 17, 2024

How To Create A Functioning Contract Database

Guess what? Your business might be losing a major portion of its annual profit due to inefficient contract database management systems. Contracts are an essential part of any business, as they contain information about every dollar that enters and exits the business. Not being able to keep track of this information can cause serious financial and reputational harm to organizations. With a functioning contract management...

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. In...

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

Summary Enterprise legal management software anchors the foundation of corporate legal departments. Its features include matter management, contract lifecycle management, e-billing, work management, and managing vendors, among other AI-driven applications. LexisNexis CounselLink+ is a leading legal industry ELM solution that delivers a unified workspace as a legal operations hub. Legal departments utilize the software...

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

Summary Contract lifecycle management (CLM) has become an indispensable tool for modern legal departments seeking to optimize their contract processes from initiation to termination. This comprehensive approach to managing contracts enables organizations to: Enhance efficiency Reduce risks Maintain better control over their contractual obligations. As businesses increasingly recognize the strategic value...

July 16, 2024

Enterprise Legal Management Software for Corporate Law Departments

Summary Enterprise Legal Management (ELM) software is essential for modern corporate legal departments seeking to streamline operations, control costs and improve collaboration. This comprehensive overview covers everything you need to know about selecting, implementing and maximizing the benefits of enterprise legal management solutions, including integrated contract lifecycle management , AI-powered billing review...

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

Summary Formal relational contracts are essential tools for establishing successful long-term partnerships. These agreements go beyond traditional transactional contracts by fostering transparency, trust and shared accountability between parties. While more complex to execute than standard contracts, they offer significant advantages for businesses seeking sustainable partnerships, joint ventures or supplier relationships...