What is Enterprise Legal Management?

by PracticeLeague

According to Gartner, Enterprise Legal Management is a standardized process and strategy for corporate legal departments and has been evolving as a discipline since the 90s. This strategy emerged with the rise of businesses demanding legal departments to bring more accountability, efficiency, transparency and predictability in legal processes.

As the nature of legal in business has rarely been isolated and always collaborative, the only way for legal to perform speed, efficiently, and cost-effectively is to employ a system that supports the engagement of legal with other business units and help them manage their processes more effectively.

The current technologies that have been implemented in legal departments are bulky, not unified and standalone with manual processes, repetitive feeding of data into multiple systems without bringing any actionable insights. One of the biggest barriers holding legal back from performing up to speed is the lack of integration or having a point solution to enable these technologies to integrate with existing processes and with each other.

To overcome these problems and bring more efficacy/ collaboration in the legal process, came the emergence and transition of Enterprise Legal Management from a discipline to a set of advanced and integrated technologies that strived to improve the collaboration and workflow of the legal function. The advent of a robust Enterprise Legal Management platform brought together both new and old capabilities of legal onto one scalable solution.

PracticeLeague ELM platform includes capabilities such as:

Matter/Case Management:
Manage multiple matters, their related spending, and risks on fingertips, while boosting legal efficiency and synergy within the legal department with the Matter Management Platform

Legal Spend Management:
Creation and tracking of budgets and spending on various matters of the department while enabling legal to Track and analyze internal and external costs separately. Manage legal budget/accruals along with automatic spending-to-budget comparisons.

Contract Management:
Manages the full lifecycle of a contract while tracking the Turn Around Time, key obligation, dates, on each document to improve efficiency and save time with the integrated Contract Lifecycle Management platform.

Vendor Onboarding Management:
A robust Vendor onboarding platform provides a seamless process of collecting multiple vendor information and details on a single platform. Easy tracking of details submitted and pending items. The integrated platform also allows uploading all important files in a single repository to map them to the vendors.

Compliance and Risk Management:
Track compliances diligently and enforce automated guidelines that alert internal stakeholders in case of non-adherence of any policies to take corrective action in a stipulated time with the Compliance and Risk Management platform.

IP Portfolio Management:
Get the right business perspective with a central repository of all information to manage and analyze your IP assets. Manage your entire Patent lifecycle on a single integrated platform.

Tax Litigation:
Due to the evolving uncertainty and the high stakes involved, it has become imperative for businesses to have a careful assessment and clear overview of tax functions across the enterprise. 

Reporting and Analytics:
On-demand reports and analytics enable legal departments to get instant reports, whether it's Legal MIS or a Contingent Liability Schedule or Law Firm Comparison. Comprehensive reports and graphs with every detail about the Company's legal matters and performance are computed. These reports can also be scheduled to be emailed to the department periodically.

Legal Document Management:
Centralized storage solution for the legal teams with the highest level of security systems to store confidential data which is accessible to authorized personnel from any location. With an integrated DMS system, in-house counsels can read and find case papers, material for research and important emails, all with a single click.

Workflow & Collaboration:
Supports the automation of legal business process management, including email integration, information sharing, approval process, and security.

As corporate legal teams are moving beyond the title of a cost-center to profit center, their most important objective is to improve efficiency and enhance productivity while meeting the corporate goals. To do that, legal departments need to adopt an integrated solution for various legal processes which will help them gain a competitive advantage over their competitors.

PracticeLeague  Enterprise Legal Management  is one such integrated and unified solution that brings all entities of legal on a single intelligent platform empowering multiple communities with legal at the core across an end to end business landscape. The ecosystem helps to optimize workflow, collaborate seamlessly in near Real-Time and maximize productivity driving competitive edge and corporate ethics.

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