Legal Spend Management Software
The artificial intelligence-powered AdvoLogix Spend Management solution is built from the ground up to deliver value, advanced functionality, and greater cost efficiency to your legal department, agency, or firm. With AdvoLogix, your team can employ spend management strategies and adapt to the changes of tomorrow.
Corporate legal departments, governmental agencies, and large law firms constantly deal with complex budgetary issues. In particular, in-house legal teams face the challenge of controlling and tracking outside counsel expenses. Fortunately, software innovations over the past several years have led to new and exciting developments in legal spend management processes.
Many legal teams are utilizing legal spend management solutions to better handle their budgetary needs. Legal spend management strategies use data to help legal teams make decisions about their department’s budget. Other aspects of a spend management strategy include invoice reviews, financial reporting, value assessment, fee negotiation, and resource selection. With the right legal spend management strategies, your in-house legal team can attain more accountability, transparency, predictability, and efficiency in your budgetary matters.
Effective legal spend management strategies go hand-in-hand with legal spend management software. AdvoLogix Spend Management solutions offer legal teams advanced, cloud-based platforms and artificial intelligence, or AI, capabilities to integrate with your department’s budgetary process and automate much of the budget creation process.
What Is Legal Spend Management Software?
Legal spend management software is a collection of comprehensive software solutions that helps legal departments, agencies, and firms better manage, analyze, and leverage their spending data. This software provides the following benefits:
- Reduced costs and time spent on manual tasks
- Quicker and more transparent invoicing
- Improved data accuracy
- More effective decision-making
- Better internal and external collaboration Spend management requires comprehensive cost analysis, proactive budgeting, and data-driven budgetary policies.
With legal spend management software from AdvoLogix, you can engage with an integrated cloud platform to plan your department’s budget, apply data-based analysis to current spending, keep track of future billing, and project future budgetary trends.
Create Budgets and Reports
In-house legal teams must coordinate their budgets with other departments and external entities, including outside counsel. In addition, a comprehensive legal spend management approach requires an extensive analysis of a legal department’s overall financial situation and ongoing billing processes. You must communicate clearly and effectively about your expenses and goals while creating comprehensive budgets based on past spending and future projections.
With the AdvoLogix Spend Management solution, your in-house legal department can easily create budgets from scratch or preset templates. Thanks to its centralized, cloud-based platform, Spend Management lets you seamlessly coordinate budget creation and approvals with outside counsel.
Cloud legal spend management software allows all members of your team and all relevant corporate personnel to view and interact with budget reports from any computer or mobile device. With AdvoLogix, you can view all your budgets and their statuses in one place.
Manage Time and Expenses
Keeping track of all billable hours and expenses is an essential duty of any legal team. However, this process too often forces legal professionals to dedicate extensive time, resources, and energies that could be better spent solving more complex legal issues or serving their organization’s legal needs.
With cloud-based legal spend management software from AdvoLogix, you can:
- View, manage, and make adjustments to time and expense reports
- Conveniently access all of your billable hours and any current or projected legal expenses
- Customize views, forms, and budgets to your department’s needs
Managing time and controlling expenses has never been easier. Do it on your terms with AdvoLogix Spend Management.
Import Invoices Using AI
No matter how your legal team is structured, you need efficient, accurate invoicing for your clients, vendors, and any outside counsel. But the process of invoice creation requires extensive manual data input. Thankfully, legal software solutions now offer innovative automation for the invoice creation process.
The AdvoLogix Caster features a convenient, cloud-based platform and advanced AI tools that can automatically capture raw data from professional invoices into your spend management system. The Caster’s machine learning tools automatically input data from each invoice, saving your team both time and money.
When your in-house legal department invests in quality in-house legal software like the Caster, you will see enhanced functionality in your invoicing process. The Caster’s cloud-based platform also allows all relevant team members, clients, and vendors to access specific invoices from any device.
AdvoLogix Caster also uses a convenient Salesforce platform for law firms that can integrate with your in-house legal team’s existing software systems. Thanks to advanced integration capabilities, you gain greater functionality for your invoicing process.
Automate Invoice Compliance
Compliance is one of the more time-consuming aspects of invoice creation, as different vendors or outside counsels may have specific invoice formats or preferences. Before processing, You must cross-check each invoice against relevant data and legal constraints. Failure to ensure compliance can result in costly billing errors or legal snags that can cost your company long-term. Though this process is essential, it also takes excessive time on the part of your team.
The AdvoLogix Caster can read and normalize data to ensure compliance with specific invoicing formats. It combines the following elements to process and make automated invoices:
- Optical recognition
- Classification
- Parsing
- Generative AI
Moreover, thanks to its machine-learning abilities, the Caster continuously adapts to your billing processes to become faster and more effective over time. You can also customize specific rules for invoice cross-checking with the Caster’s user-friendly, codeless interface.
Secure Legal Service Provider Portal
Give your outside counsel a safe and credential-secured portal where they can:
- Create budgets
- View matters
- Track time and expenses
- Submit invoices with a Legal Electronic Data Exchange Standard (LEDES)-compliant system
- Receive warnings for any errant invoice line items before submission
- Communicate with your legal team
- Track in-progress invoices
Three Advantages of AdvoLogix’s Legal Spend Management Software
Using legal spend management software for enterprise management, spend management, and other legal strategies brings significant advantages to your organization. AdvoLogix’s legal spend management software features the following:
Gives You Flexibility
The cloud-based legal spend management software solutions from AdvoLogix offer greater flexibility in your spend management process. The platform is customizable to your budgeting, tracking, and reporting needs. Moreover, because all of your budgetary information is stored on a secure cloud, all your team members can easily access the documents they need on their own time.
Built With Security in Mind
Data security is the greatest concern when storing sensitive legal or budgetary information on a cloud. You need a spend management software solution that offers the highest level of cybersecurity available. AdvoLogix Spend Management software is a secure foundation built on Salesforce and Amazon Web Services programs, giving you an extra security guarantee and preventing costly data breaches.
Trusted by the Public Sector
AdvoLogix is a trusted partner of numerous federal, state, and local agencies, due to our innovative technology being paired with enhanced security. This provides an additional guarantee of quality to you, your outside counsel, and external agencies.
How To Make the Most of Legal Spend Management Software
To get the most out of your legal spend management software, use it to do the following:
- Automate manual processes
- Craft user-friendly reports
- Create budgets
- Improve invoicing with AI
- Continuously refine your processes
Get Started With AdvoLogix’s Spend Management Solution
The success of your legal team’s spend management strategy comes down to the software you have in place. With AdvoLogix, you’ll have secure, effective, and user-friendly legal software tools to help you manage your department’s budget, automate invoice processes, and apply greater analytical focus to your ongoing budget.
To see how AdvoLogix’s Spend Management solution can help your in-house legal team, get in touch today to request a demo.