For the past several years, in-house attorneys have continued to be the key players for companies. These experts, who have in-depth knowledge of rules and regulations, have assisted well-established businesses in conducting business legally.
But as corporate executives rather than just legal counselors, lawyers' roles have evolved. To integrate into the modern company paradigm, they are now focusing on skills like financial management, cross-functional alignment, data analytics, communication, and strategic planning.
Herein is the difficulty.
They need a legal operations manager to handle this demand. Although hiring a legal operations manager is more expensive for small teams, this choice may seem simple for large organizations.
This is where Traact comes to the rescue, and it can benefit both small and large teams. With Traact, your team can make data-driven choices, streamline legal processes, and transform the legal department into a functional business unit.
With the legal operations management platform's various features and advantages, teams may meet market demands and gain from employing technology in the legal industry. As a result, the market is expected to grow from $1,075 Bn in 2018 to $3,565 in 2027 Bn at a CAGR of 14.2%.
Traact Lets You Take The Lead
The legal team frequently has to handle duties like overseeing outside counseling when discussing legal procedures. This requires one or more team members to work diligently, which takes much time.
Small teams cannot afford to allocate a resource specifically for this process, whereas medium and enormous teams can readily do so. This is because they only have a small staff to handle various tasks. They risk being unable to finish other jobs on schedule if they assign a person to only this process. Or, in the alternative, offer subpar services.
A legal operations platform like Traact, in the form of eBilling and issue management tools, can assist small firms in streamlining the handling of all invoicing and other associated processes, something that can increase productivity and time effectiveness. And for bigger teams, it can save their precious time to be utilized for high-value tasks.
It has been discovered that even with a team of 10 specialists, an efficiency of 6% in the legal procedures with any workflow automation technology can add up to over thousands of dollars in staff time. Traact lets you automate repetitive administrative tasks that other legal ops software makes you do manually.
Legal teams want sophisticated legal operations software for another reason—it can improve dependability and support.
Legal professionals can communicate all the data related to invoicing and other procedures with others in real-time, thanks mainly to the legal software for handling operations. This makes it simpler for them to effectively rely on one another for any specific information and support, even when they aren't working together in the same office. While other platforms make you manage your data manually, Traact gives you an advantage by providing a virtual data room to store and manage data, making it readily available to the authorized party instantly, and keeping it securely on the cloud.
Another advantage is transparency. Using legal ops software for billing and other procedures, one can retain team openness. This helps keep everyone informed about various business-related topics and provides them with a better idea of what the company's likely future holds and what obstacles they may face on the way to success. This aids them even more in developing business plans that provide superior outcomes. Where traditional legal ops software does not come in handy with giving such details, Traact makes it easy for your team to disseminate required information in just a click.
Better expenditure control is a perk of thinking about software for legal operations.
When we work manually, we frequently invest up to twice as much time and money to complete a task. Additionally, we struggle to predict which method will produce beneficial results in the immediate and long-term future.
Legal ops solutions provide access to a wealth of data and reporting and analytics options, making it more straightforward to keep track of all expenditures in real time and evaluate the benefits that come with them. Traact helps you manage your expenses in this way to increase your profits. The dashboard lets you view all the tasks, entities, crucial contracts and permits due or overdue for renewal, and much more. This enables your team to act in the nick of time, saves you from heavy fines and penalties, and lets them prioritize essential tasks so that no more time and money is wasted.
Traact is an intelligent system that can streamline many things your team might need help to do manually or with traditional legal ops software. While other platforms take 4 to 8 weeks to onboard your entities, Traact can do so in just 3 days. It smoothly integrates Carta, Salesforce, Google Drive, and OneDrive, and provides all your data in one place digitally.
Another feature that makes your legal team's life easy is data entry. While many other software asks you to enter the data manually at your end, we do it for you internally. In addition, our team leaves no stone unturned when transferring the data from your source to Traact's cloud storage for easy access.
Other platforms charge you a commission of 20% to 50% to get the job done, but we take care of your operations without charging any commission. There are no hidden costs, we promise. Additionally, we do not charge our partners anything for coming on board!
To learn what more Traact can do for your organization, book a free demo with us.