Author: Onit

How to Select a Contract Lifecycle Management Solution

In the first entry in our series detailing the value of contract lifecycle management solutions, we shared signs that indicate you need a new approach to the contracting process. In this blog post, we will discuss the items your company should consider when deploying the ideal solution for its needs. 

Businesses that implement a seamless contract lifecycle management process compress their time to revenue, mitigate risks by having fewer contractual exceptions and increase customer satisfaction. While the opportunities are plentiful, the path to finding the right solution for your company can be challenging.

With the numerous contract lifecycle management solutions available, how do you determine which one is the best fit?

First, adopt a platform approach. A platform approach combines a set of software and a surrounding ecosystem of resources. Its value comes not only from its own features but also from its limitless ability to connect external tools, teams, data and processes. It offers growth that comes from a highly scalable, seamlessly deployed and continuously updated technology.

One more platform benefit to consider: Timeliness of implementation. Instead of taking months and months, you can employ a quick-start implementation package that streamlines the contract process so you’re using it in less than 30 days.

Second, the most effective solutions make critical tasks easier and more accessible with automation. With this approach, a contract can be requested via an online portal that gives access to standard verbiage and templates. Automation within the system ensures the appropriate people and processes are assigned and notified of the request. It also allows the easy building of configurable workflows, so you know you can change workflows as needed as a company grows.

Third, the solution must provide the ability to sign electronically. This eliminates the need for paper and enables anytime, anywhere signatures. When the contract is signed, it is automatically stored in a central repository that is the single source for all contracts and related documents.

To view more suggested features for a contract lifecycle management solution, download our white paper here.

Final additions

As contract lifecycle management solutions grow in prominence, the discussion has shifted from whether adoption is necessary to the best solution to adopt. If you want to learn more about Onit and these solutions, feel free to read our whitepaper “What to Expect from a Contract Lifecycle Management Solution” or contact us directly.

How Artificial Intelligence and Automation Augment ReviewAI

Artificial Intelligence (AI) is disrupting every industry, including the traditionally paper-based legal sphere. While it’s taken time, lawyers are getting on board with the idea of ditching red pens and legal pads in favor of technology that will help them complete work more efficiently.

Reviewing and drafting contracts is manual, repetitive work that takes up to 70% of a legal department’s time. With increasing pressures on teams to do more with less, improving contract management efficiency and document consistency can be a serious cost issue. Contract automation, fueled by AI, helps teams spend more time on customer-facing tasks, improve business performance and reduce business risk.

But where do you start? AI might seem like a daunting technology to learn and integrate into your everyday work life, but in reality, it doesn’t take long to become proficient. You just need to find the right product. We recommend looking for the below items in a contract automation solution.

It Allows You to Manage Contracts in Microsoft Word

First things first. We believe that lawyers shouldn’t have to completely change the tools they use or download separate software. Lawyers primarily use Microsoft Word to review contracts, which is why we created an AI contract review solution as a Microsoft Word plugin so lawyers can edit legal documents right within the software they are already comfortable using. Got a PDF that needs to be redlined? Not an issue. Microsoft Word automatically converts PDFs into Word Documents when opened with the MS Word software.

The ReviewAI Word plugin opens on the right pane of your document and lists alerts, clauses and details that it automatically detects in your legal contract that you should pay attention to.

It Includes Contract Templates

ReviewAI ships with a range of preconfigured contract review templates to help you get started quickly, including legal document reviews in areas such as general supply, construction, employment, confidentiality, supplier agreements, due diligence, services and consulting agreements, etc.

It Offers the Ability to Customize

While legal contract templates are the easiest to use, different clients, contract values or work type might require different legal standards for you to adhere to in your contract management process; so your solution should include the ability to easily customize it to fit your needs.

Taking the time to create a playbook of reviews for different matters will allow you to use AI tools more efficiently across a greater range of work, while ensuring consistency across your team. These work similar to the pre-configured reviews, but are customized with your firm’s own standards.

It Allows You to Set up a Clause Bank

Don’t worry, you don’t need to have double majored in Computer Science to customize your own “review playbook.” One of the most important ways you can tailor your own legal contract review templates is by updating a central Clause Bank that stores your firm’s standard clauses, enabling you to draft and review contracts more efficiently with AI.

Any legal AI tool worth its salt will have out-of-the-box, pre-configured checks for different contract review use-cases across multiple industries. These contract review templates speed things up so that the legal team doesn’t have to customize their own review templates for run-of-the-mill agreements.

By using ReviewAI, you can capture new clauses while working on documents by simply highlighting the clause you want to capture, going to the Draft Tab and clicking on the “Create clause” tab. Entering relevant tags along with the clause language helps team members effortlessly find your work within the easily accessible ClauseBank available to the entire team.

If you need ideas, we provide sets of sample clauses that users can modify for their own use. In light of the global COVID-19 crisis, we have added extra sample clauses to the ClauseBank to help with your new drafting challenges. The sample clauses are pandemic tagged and include Force Majeure Delays, Disaster Recovery and Business Continuity Plan, and Pandemic Preparedness and Definitions.

It Allows You to Jump to Legal Concepts and Details

Another way that AI comes in handy is being able to easily identify legal concepts, clauses and details within clauses without having to scroll back and forth.

Your legal contract review tool should automatically flag key contract issues and suggest edits that match successful precedent legal contracts. The more you use your chosen tool, the better the alerts and suggestions the AI provides for your given industry. In the case of ReviewAI, blended natural language processing, linguistic and machine learning techniques create an AI that learns faster from far less data with higher generalized accuracy.

At the end of the day, the legal AI tool you use should standardize the way your team identifies and remedies contractual issues and improve collaboration efforts overall by widely sharing standard and fallback positions when drafting and negotiating contracts.

But don’t take our word for it …

“This technology has become an indispensable tool for everyday contract work. It has enabled greater consistency across our corporate practice area.” (Tom Maasland, MinterEllisonRuddWatts)

If you’d like to learn more about our ReviewAI legal AI tool and how it can help your legal team improve, set up a free, 30-minute demo today!

Onit Achieves Another Win for 2020 on Houston Chronicle’s Top 100 Private Companies List

We are thrilled to announce that Onit has landed a new award as a Houston Chronicle Top 100 Private Company. Onit came in at #55 on the 2020 list. The Chronicle compiled it based on 2019 revenues of the biggest privately held companies headquartered in  Houston, Texas.

Onit continues to grow at a quick pace and has secured several other awards this year, including:

The recognition extends to achievements as well. Onit was named as a Leader in the IDC MarketScape Reports for Enterprise Legal Management and Matter Management and OnCon designated it as a Top 25 Legal Vendor in 2020.

More importantly, Onit customers have won acclaim for their vision and accomplishments. Pearson PLC, a global learning company, recently won an Association of Corporate Counsel (ACC) 2020 Value Champion award. The company created a transformational shared service center to support commercial transactions worldwide for more than 10,000 users. Powered by an integrated solution from Onit and its partner Morae Global Corporation, Pearson achieved a 35% cost reduction and 30% improved contract turnaround time.  The company, along with Onit and Morae, has also landed on the shortlist of the Legal Innovation Awards 2020 in the category of “Future of Legal Services Innovation – In-House Legal Operations.”

We’ll have more awards information coming very soon, so check back at this blog to learn more.

Five Signs Your Company Needs a New Way to Manage Contracts

Contract lifecycle management solutions have seen wide adoption over the last five years, so much so that they’ve developed a market capacity worth more than a billion dollars. By 2024, the global market for contract lifecycle management software is estimated to increase to $2.9 billion*.

Why is there such a substantial increase?

Contract lifecycle management solutions offer a significant return on investment. They allow companies to capture, automate and analyze the entire contract lifecycle from initiation through approval, compliance and renewals. By eliminating data silos, automating workflows and reducing the overall time spent, a contract lifecycle management solution drives business value.

In this first of three blog posts, we dissect our latest whitepaper and look at what to expect from a contract lifecycle management solution. The posts will discuss everything from signs that you need one to how to select the right solution for your business.

If you’re the type of person who likes to skip to the front of the line, you don’t have to wait. You can download the entire whitepaper here. For everyone else, let’s begin.

Is it Time to Change How you Handle Contracts? Consider these Indicators.

Contract lifecycle management poses significant challenges, especially when you consider that the process for most companies extends across multiple departments, geographies, versions and external participants. Complex processes that are handled manually can lead to risks and too much time spent on low-yield tasks like following up or locating a contract version. The cumulative impact of these factors can cost your organization an immense amount of time and money.

Here are five signs that your company should explore a new approach.

  1. Inability to Make Changes

How does your company manage changes over the entire lifespan of a contract, from the first draft through renewals? Are the processes and technologies involved flexible enough to anticipate and accommodate renewal data, pricing changes and emerging legal requirements?

  1. Information Silos and Manual Processes

A business can impair contract management progress if it lacks a centralized, accessible location for contract information that tracks changes in real-time. Human error, bottlenecked contract cycles and limited process control – typical in many corporations when it comes to contract management – increase risk dramatically.

  1. Inconsistent Legal Language

Contracts depend on approved and consistent language. Gaps in standardized language introduce risk and confusion. If your contracts consistently have language consistency issues, it may open the door to unexpected risks.

  1. Struggles between Timeliness and Risk

Lawyers, who work to reduce risks, prefer to review contracts in detail. Sales professionals, who have the job of closing deals, have an interest in getting contracts through quickly. If your company is experiencing friction like this, it likely needs a better approach to contract lifecycle management.

  1. Lack of Insight into Contract Processes and Variables

When corporate legal doesn’t have insight into contract terms, obligations and value, it cannot ensure the business is getting the right value for deals, and money may be lost.

The Benefits of Contract Lifecycle Management Solutions

A contract lifecycle management solution – a combination of software and services – gives businesses unparalleled visibility into and control of their contract portfolio without sacrificing speed or time. It illuminates the journey of individual contracts from the initial request to managing obligations. It also applies technology and business best practices to the process to such as financial reporting, operational efficiency and overall contract compliance.

Ready for more information? Our next blog post of this series, coming out next week, will cover how to choose a solution. Until then, here are ways to explore these solutions and how they will impact your company:

 

* Markets and Markets: Contract Management Software Market by Component, 2019

3 Things to Consider When Signing a Non-Disclosure Agreement

Non-disclosure agreements (NDAs) establish a confidential relationship between parties who share sensitive information. A well-drafted NDA can protect sensitive information from being shared with others without your consent. Without NDAs, any information shared can be taken advantage of or publicly disclosed.

Following are some tips when creating and/or signing an NDA to ensure that you protect your best interests:

Q: What is the Scope of Confidentiality?

Make sure the purpose of the agreement is clearly understood and defined. Consider what the permitted use of information is and how long you are expected to keep it secret. Otherwise, the other party could use your information for their own benefit, or you could be expected to keep the information private for years, etc.

Q: What is the Definition of Confidentiality?

It is important to specify the kinds of information you want to protect or exclude from protection under this agreement and make sure to include that in your definition of confidentiality. If you don’t get specific, your discussions may not be legally protected or you may risk accidentally breaching the agreement.

Q: What Happens if There is a Breach of the Agreement?

Pay attention to the consequences of breaching the agreement and avoid any extreme penalties, such as liquidated damages or indemnities. Otherwise you may be facing an expensive legal bill.

Being informed empowers you to make smarter legal decisions now and in the future.

Review your next NDA agreement with ReviewAI. Try out the Confidentiality Skillset to find core issues quickly when protecting your confidential information, and further your understanding and obligations of confidentiality.

 

Onit Leaders to Discuss Automation for Financial Services and Insurance Legal Operations

Onit’s Hans Bengard, enterprise sales director, and Paige Edwards, director of customer experience, will present tomorrow at the Consero Legal Operations For Financial Services & Insurance Virtual KnowledgeBridge™.

The event, scheduled from 1-3 p.m. ET on August 12, connects leading legal leaders from companies such as American Express, AIG and CIBC as they discuss legal operations management priorities and enhancements.

The session featuring Bengard and Edwards, titled Automating Legal and Compliance Processes: How, When, Why,” will center on automating legal and compliance processes and best practices gathered over years of work with Fortune 500 corporate legal departments. The session will cover:

  • Identifying processes to automate and executing a plan
  • Building a business case around implementing automation
  • Managing the change around user behavior
  • Tracking and using process data to make decisions

The session begins at 1:40 p.m. ET tomorrow.

The Consero Legal Operations for Financial Services and Insurance Virtual KnowledgeBridge offers engaging discussions between corporate legal department leaders from large corporations. Other sessions for the three-hour virtual event include:

  • Issues for legal operations leaders to work through in the new business normal
  • Technologies and processes to improve legal department efficiencies
  • Enhancing legal operations

If you’d like to learn more, here are some useful links.

Handling Law Firms’ Pushback to Rate Negotiations

As companies continue to grapple with the economic distress presented by COVID and think more strategically about their operations, many are turning to their outside counsel for rate relief.

If you’ve taken the step to negotiate discounts or rate freezes with your law firms, it’s likely you’ve been met with some pushback leaving you to ask – now what?

Negotiations can be prolonged and intimidating conversations if you’re not prepared. Wouldn’t it be helpful to know what’s going on behind the scenes at the other end of the negotiation table?

Well, you’re in luck!

The Council of Luminaries, a group of law firm pricing thought leaders, offered its law firm pricing representatives the following commentary and guidance on dodging client discount requests:

  • “Clients have begun to talk about legal services as if it’s health care, where there’s some moral obligation toward affordability. But we are under no obligation to provide services at any price we did not set.”
  • “The Luminaries expressed dismay that the client perspective seems to be that firms should have to pay a penance for prospering in good financial times, that they ‘make too much money.’”
  • “Clients that prioritize diversity should realize that unilateral demands for low rates can negatively impact it, because it can inhibit promotion of diverse attorneys, or incentivize firms to staff them on other matters where the financial impact to the firm and professional development opportunities for the lawyers will be more advantageous.”
  • “Conversations around value are better if the GC is at the table and can talk about what’s really going on with the company and the firm’s work for it; we can negotiate a give-and-take more effectively in that context.”
  • “It seems most GCs are more concerned about selecting the best firm for each job than they are about the costs associated with it. There’s not much actual incentive to choose a lower tier firm. It fails a risk vs. reward analysis. The trick is making the optimal selection of those providers within the constraints of the allocated budget.”
  • “It remains critical to protect premium brands and offerings as reducing price on best-in-class services, particularly ones that are experiencing demand and deliver high value to the client, can have a lasting negative effect on firm brand positioning.”

When initiating rate discount conversations with your law firms, it’s critical to keep this in mind in order to yield the best results for your company.

To help you further navigate your negotiations and conversations with your law firms, Bodhala has compiled a set of common law firm objections and suggested responses that will assist you in asserting a value-driven conversation that leads to positive results for your business.

Law Firm Objection/Assertion #1: Since the start of the pandemic, we’ve had our top tier partners and associates handling your urgent legal matters. We’ve provided you with our best minds and have proven our sincere commitment to your business during these challenging times.

Client Response #1: While we appreciate your commitment and your top attorneys, we are under significant pressure to contain costs and cannot justify paying these premium rates during such economic turmoil. We are expecting all of our business partners to share in the economic burden Covid has presented.

Law Firm Objection/Assertion #2: If our rates were truly too high, we’d be receiving discount requests from far more clients. Our clients have realized that they need our help more than ever during these difficult times. Because of this, they have accepted the rates we have charged – in fact, those rates are higher than yours.

Client Response #2: Certain clients may be willing to pay above-market rates, but we cannot do so as we look to contain costs during this economic crisis. Each business is different and how some clients handle the burden Covid has presented is not a catch-all solution for the rest of your clients.

Law Firm Objection/Assertion #3: Your business is already getting a good deal on your rates as our realization rate with you is low versus our other clients. We understand the economic stress Covid has presented, but we simply cannot justify reducing your rates even further. It would be detrimental for us to do so.

Client Response #3: Your firm has been a critical partner for our business for several years and we value the relationship, but how you handle the relationship during our most significant time of need also matters to us. If our CFO and GC thought our business was truly getting a good deal, we would not be asking this of you. We agreed to pay the rates you are referencing during a time of economic stability, but due to Covid, that is no longer the case and we are asking you to realize that.

Law Firm Objection/Assertion #4: Our law firm has struggled throughout the pandemic as well as we’ve had to deal with the challenges of remote work, furloughs, court closures, and more. The rates we are charging your business are within the market.

Client Response #4: We understand that Covid has presented challenges for all businesses, but we are also aware that in past crises, law firms have remained stable, even experiencing profits while other industries struggle. We are asking you to share in our economic pain as there is no reason for above-inflation rate increases – especially during this period of distress. We are aware of similar clients in the market that have been granted rate freezes and discounts by their law firms. As a valued business partner of ours, we are expecting the same from your firm.

As you optimize your spend and drive value from your outside counsel relationships, Bodhala is here to offer real transparency, real accountability, and real control.

Get in touch with our team of legal billing and data experts to find out how Bodhala can transform your legal department.

Onit Releases Newest, Cutting-Edge Version of the Apptitude Process Automation Platform

Great things are happening at Onit! We’re excited to announce the new version of our workflow and process automation platform, Apptitude. Packed with unprecedented new muscle, Onit built this latest version of Apptitude to bridge the gap between technical and business users and designed it to simplify the creation of new workflows. Apptitude’s new visual interface, Process Builder, allows all users to build and manage business logic and workflows using a drag-and-drop interface.

“One of our primary goals with this release is to support our community of App builders and accelerate new workflow creation and execution across the enterprise,” explained John Gilman, vice president of product strategy at Onit. “Using the new visual drag-and-drop workflow builder, technical and business analysts are empowered to build Apps faster and more efficiently, enabling better connections and collaboration with key stakeholders and knowledge workers. The reaction I got from customers is that Process Builder is a game-changer. The App Builder can instantly visualize the process, and the sponsor can demonstrate in real-time the work of the project team to internal stakeholders.”

Onit Process Builder

Process Builder provides a visual interface for building workflows. Builders configure business logic by dragging and dropping actions and groups of actions exactly where they need to go. Building new workflows is intuitive and only takes minutes for experienced builders to learn. More importantly, Process Builder works with existing Apptitude configurations, and no migration or changes are required to get started. The new release also makes it easy to “show your work” to other stakeholders in an agile build process so that internal customers can quickly and easily give their input. This helps shorten the time to value in Onit implementations, which often take weeks – not months.

The Onit Nation

The latest version of Apptitude has best practices from 400+ global companies that have built workflow solutions for more than a decade. Customers, employees and Onit’s technology and consulting partners have configured more than 5,500 Apps, comprised of 160 bespoke legal-focused workflow solutions with deployment in 120 countries. Onit has certified nearly 300 employees, partners and customers in more than 80 training sessions with 686 certification levels granted.

Here’s how to learn more about Onit Apptitude:

Virtual Court from a Judge’s Perspective

Welcome to virtual court. The judge is in.

Many lawyers and legal professionals have faced the COVID-19 shift, moving from workplaces to home offices. As a result, it’s redefined how law firms and corporate legal departments operate. It also impacts court proceedings. Court systems have faced a far more advanced challenge: how to hold sessions virtually and accommodate counsel, witnesses and legal considerations.

In this blog post, Judge Tanya Garrison of the Harris County Civil Court discusses virtual court, its potential long-term effects and how attorneys can excel in Zoom hearings.

Q: How has your court system handled going virtual?

Judge Garrison: We all got Zoom accounts instantly. Since the beginning of the pandemic, the Texas Supreme Court has issued numerous emergency orders to give judges the authority to do what needs to be done during this time. For example, it allowed courts to conduct hearings remotely and court deadlines to be extended as necessary.

One of the concerns we had involved the Open Courts Provision in the Texas Constitution. The hearings have to be open so that anyone can watch. In the early days of COVID and Zoom, it wasn’t ideal to publicly post meeting links. The Harris County Civil Court experimented with multiple approaches like YouTube live streaming. I opted for phone hearings for the first month. That way, I could put the call-in number on the internet to comply with an open court. Finally, the court found a hybrid solution that involves judges and counsel connecting on Zoom and then live streaming the session so the public can see it.

Q: How have you found the change?

Judge Garrison: Everything takes a little bit longer now. We all have to have more patience. I do miss the human interaction and lawyers debating in a courtroom. It’s a hard adjustment but a necessary one.

Q: Has the change affected how your court runs?

Judge Garrison: Trials are all postponed, so most of my work is overseeing pretrial activities, discovery and mediation. I’ve moved more submissions to written ones rather than oral hearings. If I need explanations, I’ll have a call with counsel afterward.

Q: How have attorneys responded to virtual court?

Judge Garrison: The legal profession is filled with a variety of people with a range of talents and abilities. Some lawyers are excellent with technology, and some are learning. While being good with technology is a perceived advantage, that isn’t what I care about. I rule on merit. 

We’re asking lawyers to adapt really quickly to technology. I’m impressed with how well the legal profession has responded. A year ago, an online videoconference would have been implausible. Now, it’s not a big deal.

Q: Do you see virtual court having positive changes for the legal system?

Judge Garrison: The legal profession may realize that we can operate this way and we don’t have to be in the courthouse to do it. We’ll have more efficient hearings. If we continue to connect virtually, clients may end up saving money. A bill for a court hearing may reflect 15 minutes instead of three hours.

It’d have a positive impact on settlement hearings for minors. Moms and dads usually have to take a day off of work to testify. Now, they can give their testimony on Zoom, and it takes minutes instead of an entire day. It saves them time, hassle and frustration. Virtual also allows for depositions over longer distances. It can accommodate someone if they’re out of town.

On the other hand, it may take away educational opportunities for younger lawyers. When I was a young lawyer, I would sit on a docket and watch the cases in front of me. You can learn a lot that way. Now, you join at your time and drop off when done.

Q: What advice do you have for lawyers in virtual court?

Judge Garrison: A good Zoom hearing is similar to a good Zoom meeting. You have to frame yourself effectively with the camera. For example, don’t sit in front of a window. You have to be more patient with the other people on the video hearing and make sure you’re paying attention to nonverbal cues.

The biggest tip I have – for live or online – is to write better. I read motions before the hearing. Write a concise, clean motion and articulate why you are entitled to what you need. If you write a bad motion, I don’t fully understand and can’t give you what you want.

Q: What are the limitations of virtual hearings?

Judge Garrison: Unfortunately, online hearings don’t allow for two key parts of the legal structure: presenting physical evidence and witness transparency. You’re not going to have a Tom Cruise in “A Few Good Men” cross-examination moment in a virtual conference. If you’re on a Zoom hearing with a witness in front of the computer screen, it’s hard to know who is sitting behind it. Is there a lawyer feeding the witness answers? That’s an extreme example, though.

Q: What do you see happening when it’s safe to go back to court?

Judge Garrison: I will probably conduct mostly in-person hearings again when the courts can reconvene. However, the positive changes that can come from virtual hearings will hopefully lead me to have more virtual dockets in the future, if possible.

Thank you to Judge Garrison for sharing her virtual court experience.

About Judge Tanya N. Garrison

Judge Garrison was born and raised in Albuquerque, New Mexico. She graduated from Oklahoma State University in 1997, where she met her husband. After graduation, the Garrisons moved to Houston, where Judge Garrison attended the University of Houston for law school, graduating in 2000 with honors in both oral advocacy and academics.

During law school, Judge Garrison began working at the law firm of Weycer, Kaplan, Pulaski & Zuber, P.C., where she practiced law until being elected judge of the 157th in 2018. Prior to taking the bench, Judge Garrison’s law practice consisted of entirely civil litigation with an emphasis on appellate law. She is board certified in civil appellate law by the Texas Board of Legal Specialization and a proud member of the American Board of Trial Advocates.

Five Crucial Components of Enterprise Legal Management Solutions

The most meaningful enterprise solutions help grow a business.

Enterprise legal management solutions are no exception.

With robust enterprise legal management technology, corporate legal departments can generate gains in efficiency, productivity, business insight and cost savings – all valuable commodities when priorities are quickly shifting.

In this blog post, we’ll run down five of the most valuable parts of enterprise legal management solutions. But first, let’s talk about data vs. process.

Data vs. Process

At the beginning of legal operations management, lawyers and legal professionals relied on tools like spreadsheets, emails and documents to manage information. As corporate legal departments grew in size and complexity, they turned to traditional enterprise legal management vendors that provided a database-centric approach to handling legal operations. Their technology platforms worked as systems of record that only tracked or measured data put into it.

However, and this cannot be over-emphasized, your competitive legal department needs a system of engagement – a system that supports the highly collaborative nature of legal work.

An app-based focus addresses process problems and offers a workflow-based approach. It provides the power of comprehensive enterprise legal management broken into individual task-based solutions and processes, conforming more closely to how people work. Users can also extend their collaborative reach with other corporate departments by incorporating capabilities and components of broader company-wide systems as needed.

Working faster and smarter

When exploring enterprise legal management solutions, ensure that the prospective system can be built around the way teams work. After all, you’re trying to streamline your operations and avoid the old standards of relying on email and spreadsheets to get the job done. In today’s fast-paced legal settings, lawyers need to be able to work faster, smarter and more efficiently. The best way to do it is by automating legal department processes.

There are quite a few benefits of a cutting-edge enterprise legal management solution, including cost savings,  flexibility and robust reporting capabilities. Equally important are the numerous crucial processes that it can help your team with – especially since you’re working towards improving processes.

Here are five of the top components to look for in an enterprise legal management solution:

  1. A single platform for collaboration that captures notes, documents, attachments and email communications in one secure location. With all your processes centralized in a single, robust platform, operations are streamlined and optimized to the fullest.
  1. Improved collaboration and knowledge sharing that provides more transparency to your operations. Legal departments of any size can reap the benefits of a technology platform that supports the highly integrated, collaborative legal work that reinforces an enterprise’s business goals.
  1. Workflow capabilities that match your business requirements and are simple to change, alter or adjust. Different work types, such as matters related to employment, litigation, or mergers, have unique processes. Workflows must be able to evolve quickly as corporate legal departments grow and re-prioritize.
  1. Seamless integration with vital systems and the ability to be highly configurable. Corporate legal departments have a wide variety of systems in their technology ecosystems, including document management, intellectual property management, accounts payable and other back-end systems. This allows information to flow and populate as needed automatically across technologies.
  1. Reporting and dashboard views that make it easy to analyze invoices, evaluate performance against budget and see trends across your matter portfolio. Intuitive interfaces allow legal professionals to focus on the process and results instead of how the application works. Little or no training is required, which dramatically reduces the time and cost of solution deployment.

With an average cost savings of 4-7% of outside counsel spend, process-oriented enterprise legal management solutions also represent a new paradigm that drastically improves the delivery of legal services. Process-driven solutions integrate workflow and collaboration and allow you to explore and define the legal business processes critical to your organization.

Are you interested in learning more? Here are three steps to help.

  1. Explore what other leading corporate departments are accomplishing with a platform and process approach to enterprise legal management. For example, Corteva used technology provided by Onit and our partner PERSUIT to build a global panel of law firms. As a result, its legal operations leader helped the company significantly reduce average prices across vendors – by up to 60% in some cases – and increase outside counsel engagement
  2. Join Lean into Legal Ops. The comprehensive thought leadership initiative, offered at no charge, provides legal and business professionals masterclasses, case studies and discussions with industry thought leaders and innovators. For the U.S., join here. For Europe, join here.
  3. Learn about building better workflows and how they can help you build a better business by asking for a demonstration of Onit Enterprise Legal Management Solutions.