5 Benefits of Using Matter Management Software for In-House Legal Teams
As an in-house lawyer, you are responsible for the management and oversight of a wide variety of legal matters.
From internal compliance issues to working with outside counsel on litigation matters, it is essential that you have a matter management system in place that will allow you to manage effectively and efficiently all of your matters.
Here are the top 5 benefits of using matter management software for in-house legal teams:
- Increased Efficiency and Productivity
- Improved Risk Management and Compliance
- Better Communication and Collaboration
- Enhanced Security and Data Protection
- Lower Costs associated with Outside Counsel spend
1. Increased Efficiency and Productivity
When all of your matters are organised and managed in one central repository, it will be easy for you to find the information you need when you need it. This will save you valuable time in your day-to-day work as an in-house lawyer.
Having a centralised system for managing your matters will allow you to quickly identify any bottlenecks of areas where workflow is not optimal so that you can make adjustments as needed.
2. Improved Risk Management and Compliance
By using matter management software, you can develop standardised processes for managing your legal matters which will help to ensure compliance with internal policies as well as external regulations.
In addition, by having all documentation related to a matter stored in one central location, you can reduce the risk of losing important documents or misplacing critical information.
3. Better Communication and Collaboration
Matter management software provides a central platform for communication and collaboration between all members of the legal team working on a particular matter.
This includes lawyers, paralegals, administrative staff, IT staff, outside counsel, and other experts who may be involved in the matter.
Having all communications stored in one central location makes it easy to keep track of important discussion points and ensures that everyone is always on the same page.
4. Enhanced Security and Data Protection
Legal matter management software is typically hosted in the cloud on secure servers with robust security measures in place to protect your data.
This helps to ensure that sensitive information is only accessible to those who need it and prevents unauthorised individuals from viewing confidential data.
5. Lower Costs associated with Outside Counsel spend:
One of the benefits of using matter management software is that it can help you reduce the costs associated with outside counsel spending.
This is because by using a matter management system, you can more easily keep track of billable hours associated with each individual task or project related to a particular matter.
On top of that, many matter management systems include features such as document sharing which allows you to electronically share documents with outside counsel instead of mailing hard copies back-and-forth.
This can save both time and money associated with handling physical documents.
As an in-house lawyer, it is essential that you have a robust matter management system in place to efficiently manage all of your legal matters.
There are many different software options available on the market today, so it is important to do your research before selecting a system that is right for your team.
The good news is that there are many great options available that can provide significant benefits for your team including increased efficiency and productivity, improved risk management and compliance, better communication, and collaboration, enhanced security, and data protection, and lower costs associated with outside counsel spend.