Enterprise Legal Management Software
Enterprise legal management is a new and evolving field for in-house corporate legal departments integrating comprehensive legal matter management, spend management, electronic billing, and proactive analytics. With enterprise legal management software solutions from AdvoLogix, your corporate legal department can achieve your enterprise legal management goals in a secure, accessible, and integrated online platform.
– Enterprise Legal Management (ELM) involves strategically managing all legal operations within and outside the legal department.
– It integrates technological solutions like matter management, spend management, data analytics, document management, and more.
– AdvoLogix offers ELM software solutions, including Matter Management, Spend Management, and eBilling, to facilitate seamless integration and efficient management.
– The Benefits of ELM Software include scalability, reliable cybersecurity, effective reporting, and robust customer support.
In-house legal departments for companies of any size often must integrate their legal practices within the company’s broader commercial, financial, and strategic goals. This can present challenges that expand the responsibilities of corporate general counsel. As technology has evolved, the demands for delivery and efficiency have increased, while budgetary concerns remain ever-present.
When working as an in-house legal counsel, you and your department must often coordinate legal tasks and ongoing legal issues with other departments in the company. Though the professionals working in these departments may be highly skilled and experienced in their given fields, they often lack the legal knowledge and experience of an actual legal department. As such, in-house legal departments must develop more comprehensive strategies for coordinating strategic objectives within the company and maintaining a consistently practical approach to their work.
The practice of enterprise legal management has evolved to meet this unique need. For in-house legal teams, enterprise legal management software available from AdvoLogix presents a promising pathway toward achieving broader enterprise legal management goals.
What is Enterprise Legal Management?
Enterprise legal management, or ELM, is a relatively new concept. The specifics have evolved as more and more in-house legal teams adopt and implement these practices. But in general, enterprise legal management involves the strategic implementation and administration of all legal operations—both within the legal department and between that department and the rest of the company.
An effective enterprise legal management system will encompass many of the best technological solutions used by general counsel and law firms nationwide. For example, you might deploy strategies across your department for matter management, spend management, comprehensive data analytics, document management, contract lifestyle management, legal hold, electronic discovery, and cooperative accountability management.
In-house legal departments can implement these practices with effective enterprise legal software.
What are the Components of an Enterprise Legal Management System?
With an ever-evolving framework, enterprise legal management systems have grown to encompass many areas of legal departments’ workflows and support every practice area a corporate law department typically handles, including transactions, compliance, securities, mergers and acquisitions, employment matters, corporate governance, licensing, intellectual property and more.
Enterprise legal management software solutions are essential for any in-house legal team looking to effectively implement a system that both facilitates the department’s legal work and delivers accurate data and analytics for the corporation’s executives and directors.
The following are some of the most significant components of an enterprise legal management system.
Matter management
Legal matter management is an integrated process by which legal teams, law firms, and legal practitioners coordinate and manage all the relevant legal work in their day-to-day operations. Legal matters include everything from document management to research, billing, and reports. Legal matter management is a cohesive strategy to organize, coordinate, and integrate all legal files within one core system.
In today’s world, legal matter management is not possible without effective software. AdvoLogix’s leading Matter Management software solutions utilize advanced cloud-based digital platforms to provide essential mobility to you and your entire in-house legal team. Thanks to AdvoLogix’s cloud-based platform, everyone on your legal team can easily access all relevant files from any computer or mobile device. With this level of convenient access, your entire team can coordinate and collaborate on all legal matters more easily and implement an overarching matter management strategy more effectively.
Thanks to its advanced artificial intelligence capabilities, AdvoLogix’s Matter Management software allows you to automate many of the tasks associated with coordinated matter management. Plus, it provides unmatched data security provided by its secure Salesforce foundation.
Spend management
A large part of an enterprise legal management system is the integration of legal matters with your in-house department’s budgetary processes. Therefore, a comprehensive spend management strategy is often essential to a broader enterprise legal management strategy.
Legal spend management goes beyond comprehensive tracking of all in-house and outside legal costs. It also provides proactive financial analysis, consistent cost reporting, and department-wide financial reviews. Spend management software gives your legal department the digital tools you need to integrate all your department’s legal costs into an accessible centralized platform.
AdvoLogix Spend Management software lets you create budgets, keep track of all billable hours and expenses, and apply complex analytical tools to your department’s budget.
Thanks to its artificial intelligence tools, AdvoLogix’s Spend Management software effectively automates necessary data entry tasks that align with your overall spend management strategy. With Spend Management, you can automate invoice creation, ensure compliance, and give all users a secure, accessible portal to access any relevant financial information.
eBilling
Another major aspect of enterprise legal management is a sophisticated electronic billing system. Electronic billing, or eBilling, lets your in-house legal team handle all billing and payments electronically. Through this system, you can send all invoices to clients, vendors, and outside counsels via a secure online platform. At the same time, you pay all expenses through the same digital system. eBilling eliminates the need for paper documentation in your billing process and lets your team integrate your expenses into a broader, enterprise management-focused financial strategy.
The eBilling process is much easier if you have effective automation tools at your disposal. With the AdvoLogix Caster, you can automate invoice processing in a secure, Salesforce-based platform. The Caster uses machine learning tools to produce professional invoices from raw data and can ensure compliance across any type of invoice format or specification.
Benefits of Using ELM Software
AdvoLogix ELM software offers abundant benefits to any legal team seeking to implement an enterprise legal management system. With a platform built on Salesforce, AdvoLogix software solutions easily integrates with your department’s preexisting software systems. This allows you to effectively coordinate your matter management, spend management, and eBilling tasks across your existing programs.
The AdvoLogix platform is easily accessible and user-friendly for all members of your in-house legal team. You can also customize your AdvoLogix systems according to your department’s needs and preferences. And with core systems from leading Amazon Web Services solutions, AdvoLogix provides in-house legal teams with unmatched cybersecurity for all the highly sensitive legal matters they handle.
Choosing the Best Enterprise Legal Management Software
Corporate legal departments interested in ELM software must know the main factors to look for. Low-quality or ineffective ELM software can prevent an otherwise skilled legal department from fully implementing an effective enterprise legal management system.
Good ELM software must be scalable to your department’s size, responsibilities, and needs. In addition, general counsel handle extremely sensitive company data, including financial information, contact information, and confidential internal communications. Therefore, reliable cybersecurity is a must.
Effective reporting within your ELM software will give you much better control over your department’s overall direction as you work on integrating your legal and financial matters into an ELM system. Finally, the best legal management software providers have a reliable customer support system in place.
Rely on AdvoLogix for Enterprise Legal Management Solutions
Quality enterprise legal management software provides your in-house legal team with the tools, solutions, and support you need to achieve a workable enterprise legal management system. AdvoLogix’s enterprise legal management software solutions feature the convenience, security, and support that legal departments of all sizes require for their ELM strategy. AdvoLogix’s artificial intelligence capabilities let you automate many of your department’s more tedious tasks and give you the freedom to focus on serving your company’s legal needs.
And with leading cybersecurity capabilities, AdvoLogix software ensures your company’s sensitive legal and financial data will not be exposed to data breaches. So if you want to begin implementing an enterprise legal management strategy in your in-house legal team, Reach out today to talk with one of our specialists to see firsthand how we can enhance your capabilities.