It’s increasingly common knowledge that Enterprise Legal Management systems can generate a positive return on investment. But a typical mid-sized corporate legal department could potentially benefit from a first-year savings upwards of $800,000 with a system that enables integrated e-billing and matter management.
That’s according to data contained in a new white paper from Wolters Kluwer’s ELM Solutions, titled “Building the Business Case for an Enterprise Legal Management System.”
To deliver the necessary business value in an increasingly complex environment, executives are increasingly turning to legal technology solutions, notes Wolters Kluwer’s ELM Solutions, which provides “transformational, technology-based solutions for the legal industry ecosystem.” With an Enterprise Legal Management system in place, corporate legal departments now have an opportunity to boost legal performance, improve efficiency, and more effectively manage and control legal spend. Enterprise Legal Management systems are comprehensive legal technology solutions and, arguably, leading systems are platform-based, flexible, and offer a holistic approach to efficiently managing the legal function. Such solutions effectively streamline workflows, connect disparate systems, improve business processes, mitigate risk, and help global teams work together in a collaborative and effective manner.
In fact, independent research backs this argument up. Analysts, such as Gartner in its 2016 Market Guide for Enterprise Legal Management Solutions, predict that those who have not yet seriously investigated the business benefit of Enterprise Legal Management risk falling behind. Conversely those adopting a system within the next 12 to 24 months will derive operational and cost benefits that can yield a competitive edge.