Enterprise Legal Management: A necessity for the present times
Enterprise Legal Management: A necessity for the present times
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Enterprise Legal Management-ELM is a relatively new phenomenon for legal departments, a robust technology platform of the present, and the future. From an operational standpoint, in-house counsels have faced several challenges to -

1. Work towards reducing costs,

2. Enhance efficiency in the Legal service delivery, and

3. Shift focus from a reactive role to that of a proactive role and enable businesses to continue and grow

To this end, there also evolves another dimension: Preventive measures.

Doing away of the legacy systems, reducing repetitive tasks, minimizing the use of paper, and above all, reduce overall risks. Technology is the bedrock for Legal Departments as remote work with legal automation is at the helm of operations. While it plays an increasing role in shaping the crisis that legal teams face, a robust platform such as Enterprise legal management software can also enhance the functioning of Legal Departments of the future.

Challenges of business continuity and accelerating growth processes for the future, were not particularly factored in until date till the occurrence of the global pandemic. The integration of technology for legal operations is a widely deliberated subject during the present times of the pandemic. More so, because corporate legal teams work from home, necessitating organizations take pragmatic steps to-

  • Stay competitive,
  • Collaborate well with teams remotely and interact with legal professionals
  • Address the challenges of the overall impact caused due to failure of contractual obligations,
  • Ensure timely legislative and regulatory compliances

In response to the extraordinary circumstances, legal counsels may have had to take quick action and focus on efficient Legal service delivery concerning clients, third parties, vendors, external lawyers, alternate legal service providers. We map out the three areas of challenge which legal departments face in the current crisis and how Enterprise Legal Management solutions can drive efficiency while also ensure business continuity.

PracticeLeague Legal Contract Management Software-Agile and Seamless Contract Process

Contract Lifecycle Management for end-to-end contract management

Does your business have complete visibility of the contracts? Do you think a central repository of the agreements can speed response? Assessment of Force Majeure risks, management of third-party obligation is more than just a necessity. Does your Department have a platform that allows the sales/legal team to monitor third parties?

Contracts, as we understand, have far-reaching repercussions to manage enterprise level issues. With fewer resources in hand and adverse effects of legacy contracts may change by putting into practice the Smart Contracts. Artificial Intelligence enabled smart contracts are a consortium with robust features like contract authoring through contract templates and clause library, versioning, and review that eliminates arduous and repetitive tasks. Execution of contracts has witnessed a surge in activity owing to extended lockdowns and remote work in the legal sector. Electronic signing and electronic franking platforms have seen a significant rise in the number of users. Having Contract Lifecycle Management platform in place is having a master key to resolve a host of obligations arising out of the existing contracts.

Timely negotiations, contract reviews without having to trawl through the entire contract or purchase orders manually, setting-up of advanced reminders, triggers, and alerts for instant notification enhances the turnaround time in a CLM. The bigger picture-integration with the essential organization functions is sales, supply chain, HR, legal, and vendor management. It gives better visibility, access, and control.

PracticeLeague Legal Contract Management Software-Agile and Seamless Contract Process

Matter and Case Management: A Centralized repository to manage Corporate Legal Practice

Managing external counsels, status updates, collaboration with external and alternate legal service providers, managing notices, court dates, costs: the pre-requisite here is an integrated ELM platform to achieve the strategic objective for Matter and case management. With communication posing to be a challenge, the corporate legal practice may need a comprehensive approach to manage M atter and cases involving litigation, court hearings, and actions that can have direct impact on the cases pending before courts, tribunals, and forums.

As remote work in the legal industry picks momentum, Matter and Case management platforms have proved to be reliable solutions to prioritize work, allocate budget, empanelment of advocates/law firms, collaborate with third parties. To this end, PracticeLeague’s Matter and Case Management is exhaustive as it involves a host of features covering Matter and Case.

PracticeLeague Legal Contract Management Software-Agile and Seamless Contract Process

Corporate Compliance and Entity Management: To meet regulatory challenges and compliances

Legislative and statutory compliances are the heart of any corporate legal function. A couple of thousands of sector-specific legislative compliances, regulatory guidelines, rules, and legislations require more than standardized SOP in legal departments. For compliance teams, keeping up-to-date with statutory guidelines is a challenge that requires the deployment of targeted interventions for compliance functions has been able to establish a strategy for addressing regulatory requirements.

In the face of the pandemic, the government has introduced several regulatory changes, modifications to the existing rules in the form of ordinances, guidelines, and notifications. Keeping track of all the statutory guidelines is nothing short of a humungous task for any organization especially where corporate legal teams work from home. A central repository for announcements and draft changes can be stored, tracked, assigned tasks, and auto-triggered for sequential compliance. While a dynamic Corporate Compliance Management is a need of the hour, it enables the users to collaborate, trigger, and track the statutory requirements.

While ELM platforms do not particularly consign to only the above areas of corporate legal functions, there are a host of other tools that a dynamic PracticeLeague’s Enterprise Legal Management solutions platform comprises in it. Managing the Legal Documents, the Intellectual Property (IP) Portfolio Management, Legal Spend and E-billing for administering legal fees and budgets are some of the quintessential elements of the Enterprise Legal Management software. In the light of the fact that in-house legal departments face continual pressure to exceed performance standards, Enterprise Legal solutions at the helm of their operational functions can provide seamless solutions for companies.

Not just from the present perspective, the use of technology can shape up the sustainable organization and future Legal Department

The role of the Legal Departments world over has changed to that of a proactive role from a reactive one, and by the changing dynamics of the position, there needs some vision and integration to come in the way of building an agile legal team. To this end, collaboration through cloud-based elm solutions and enhancing growth opportunities for the organizations is necessary from the long-term perspective. By definition, ELM solutions aim to manage legal functions efficiently, mitigate risks, ensure continuity, and comply with regulations-all on a single, unified, and dynamic ELM platform.

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