Saving Funds With Legal Ops Technology
Dec 7, 2022
In today's business environment, saving money has never been more critical. With legal operations technology becoming more accessible than ever, law firms and legal professionals can save time and money. Legal ops software uses cloud computing, which allows businesses to access the tools they need from anywhere in the world. This includes legal operations software like Traact.
Legal operation software automates tasks traditionally done manually, such as document review, contract management, and analytics. By leveraging this technology, law firms can reduce overhead costs and increase their efficiency while still providing the same quality of legal services. It can also help law firms better manage their caseloads and maximize their time.
The savings that result from utilizing legal operation technology can then be used to reinvest in other areas within the firm or to increase the firm's bottom line. Investing in legal ops technology helps your legal team and your finance department. Let's take a look at how.
Litigation and regulatory changes are hurdles for a legal team while planning their spending. This strains the finance team as they cannot prepare the budgets and forecasts for the whole organization. Financial disparities, improper budgeting, and forecasting make it difficult to spot issues, respond to high costs, and determine the best ways to maximize gains. As a result, the whole business suffers.
Legal ops software lets your team track spending and provides visibility and access to reports on a unified dashboard. Legal and finance teams can collaborate on what's working and what's not so that they can be more productive and save on extra spending.
Finance is not very familiar with the work done by law firms or legal teams. This results in the finance team approving invoices needing to understand what work was being billed and the appropriate rates. Then, when reporting at the year-end, the finance and legal teams are put in a spot on how to manage these discrepancies.
Legal ops software helps manage accruals more closely, which would have prevented the issue many legal and finance teams face. The dashboard provides transparency across levels to control such contrasts.
Using a legal operations platform with e-billing capabilities also introduces automation to restrict inaccuracies and ensures timely accruals submissions. Legal teams can customize their accruals schedule per finance's requirements so that automated reminders are sent to the clients to request accruals via email.
The streamlined workflow helps the legal team evaluate a law firm's ability to accurately predict a project's cost and stay within budget. On the other hand, finance benefits because it has the numbers they need to do their job.
A win-win situation
Using legal operations technology, the legal and finance can implement business processes, ensure proper billing systems, and collaborate on numerous projects to efficiently prepare yearly, quarterly or monthly budgets. In addition, the teams can access reports on the status of finances to stakeholders while ensuring financial requirements are met. Teaming on a unified platform like Traact prevents potential issues from cropping up for both legal and finance.
Legal operations technology ensures that legal runs like a fiscally responsible business unit. Find out how to competently manage your company, keep it informed and in compliance, and save the lawsuits! Book a demo with us to learn more about Traact's features that can help you simplify your legal operations.