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What is Enterprise Legal Management?
Enterprise legal management, or ELM, is a term that refers to software used by in-house legal teams to digitize their work and be more productive. By adopting enterprise legal management system, in-house teams are able to remove themselves from administrative work and focus on the practice of law. They also achieve greater visibility into their work, increased data accuracy, and ultimately better quantify and manage risk for the business. Enterprise legal management software typically is administered by legal operations, working in conjunction with counterparts from IT, finance, and compliance.
Components of Enterprise Legal Management
The enterprise legal management category typically is understood to include matter management, legal spend management (also called legal e-billing), and reporting and analytics. Enterprise legal management system may also include limited capabilities for managing legal documents and legal holds. Enterprise legal management software may be sold as a single solution or as multiple modules that are designed to work together. Either way, they should offer the following minimum capabilities:
For matter management:
- Accepting and triaging requests from the business
- Centralizing matter data (personnel, key dates, etc.)
- Standardizing the process for matter opening and closing
For legal spend management:
- Enforcing budgets, fee arrangements, and outside counsel billing guidelines
- Integrating with finance systems of record
- Reviewing and approving law firm invoices
For reporting and analytics:
- Reporting on matters (by type, risk, vendor, etc.)
- Compare value for money of law firms
- Reporting on vendor spend
Evaluating Enterprise Legal Management Solutions
When evaluating enterprise legal management solutions, it’s important to weigh several different considerations. Of course, how each solution’s capabilities in the areas of matter management, legal spend management, and reporting align with your organization’s requirements is paramount. Other important considerations include each vendor’s organizational readiness to meet security and compliance requirements and its reputation for customer service. Brightflag has created an RFP template and RFP best practice guide to aid in-house teams in evaluating and selecting enterprise legal software.
In the category of enterprise legal management, Brightflag is the #1-rated software on G2, the world’s largest marketplace where businesses can discover, review, and manage the technology they need. And in a recent third-party research study, customers rated Brightflag’s service, support, and responsiveness a perfect 5 out of 5. You can read verified, unbiased Brightflag reviews on G2’s website.
Popular Resources on Enterprise Legal Management
Insights From Brightflag
- Explaining Enterprise Legal Management and Why It Matters
- The Startup Advantage in Legal Technology
- 5 Legal Tech Truths Companies Can Trust For The Next 5 Years
- Gartner Market Guide for Enterprise Legal Management Solutions
- IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment, in which Brightflag is named a Major Player
- IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment, in which Brightflag is named a Major Player
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