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How Matter Management Works for Legal Departments
Ted Best, LexisNexis
Legal departments have a clear and compelling business case for using technology as a means to increase efficiency and productivity. Matter management technologies allow corporate counsel to have insight and access to all data related to a matter, from spend and budget to current status and upcoming tasks. Ideally, matter management provides visibility across all matters in which a corporation is currently engaged, plus the ability to drill down and see the detailed status, documents and financial information of a specific matter.
Over time, matter management systems can provide a good sense of how long a project will take as well as average cost. This enables more effective negotiations and predictability in budgeting. Data driven options resonate with business leaders who are less accustomed to dealing with the complexities of legal strategy. The ability to have all information related to a case is valuable, because changes in matter status can have financial effects the business needs to know immediately. Given the multiple resources, documents and people that touch a matter at a given point in time, automation is the only realistic way to see the complete picture.
Predictable budgets, reporting and analytics are tools that the C-Suite understands. They facilitate senior management’s understanding of inside counsel as strategic partners. Data and analytics enable general counsel to meet their objectives of reducing risk, ensuring they receive the best value for outside spending, and improving outcomes for the organization.