Cenza

SEPTEMBER 15, 2021

This speaks volumes of the need for enterprise CLM deployment to enable significant savings and productivity gains. In a bid to aid organizations in quantifying the value of automating their contract management, several CLM software providers have built their ROI calculator.

Contract 83

Contract Legal Services Legal Legal 83

Cenza

DECEMBER 23, 2021

World Commerce and Contracting calculated that poor contract management practices cost businesses an average of 9% of revenues each year. The advent of technology has elevated contract management software as a partner to leverage data, manage risk, and boost cost savings. Compliance. Standardize.

Contract 95

Contract Data Management Diligence Technology 95

CARET Legal

JULY 19, 2024

The Perils of Missed Deadlines Even the most organized litigator can miss a crucial filing date or forget to respond to a motion in time. By the time you realize your mistake, it’s too late. The software will automatically calculate the answer deadline as March 31st based on the 30-day rule you previously set up.

Calendaring 98

Calendaring Law Firms Law Firm Legal Technology Solution 98

MyCase

JULY 22, 2024

A productive law firm uses minimal resources to complete essential tasks accurately. Additionally, teams working on billable hours may feel pressure to spend more time on casework, which can contribute to burnout and unhappy clients. High Client Expectations Clients often have high expectations regarding response times and outcomes.

Law Firms 98

Law Firms Law Firm Laws Document Management 98

LawVu

MAY 8, 2025

New research exposes the millions in operational costs shouldered by businesses as a result of under-resourced in-house legal teams and presents a critical opportunity for organizations to drive revenue by investing in legal as a powerful accelerator of growth. Legal friction comes at a quantifiable cost to the business.

Legal 52

Legal Legal Legal Technology Solution Technology 52

Paralegal Bootcamp

MARCH 17, 2023

Additionally, technology can save time by automating tasks that would otherwise take up countless hours of your day. You can also use technology to save money by cutting expenses like travel costs or hiring paralegals (which may be necessary if your practice is especially large).

Paralegals 130

Paralegals Paralegal Technology Litigation 130

ALPS

DECEMBER 28, 2021

All too often, patches are available and not deployed due to time, budget, personnel, or technical issues. If you calculate that average backlog by the number of vendors with access to your environment, the numbers get scary. This will help you understand the scope of work and the resources you will need.

Law Firms 102

Law Firms Law Firm Laws 102

Knackly

MAY 9, 2025

Its especially popular in the legal world because it can handle complex document logic and automate time-consuming paperwork. Dynamic forms : Ask the right questions every time with forms that adjust automatically based on client answers. Clause library : Save and reuse common clauses across different templates.

Legal Documents 52

Legal Documents Legal Legal Contract 52

Cenza

DECEMBER 1, 2021

While it is a straightforward calculation, the merits are vast. Time spent in deal closure: A contracting process involves several tasks and teams, starting with drafting, reviewing, negotiating, and signing off the deal. The time taken for the end-to-end process is as huge as the list of sub-processes encompassed.

Legal 96

Legal Legal Legal Technology Solution Contract 96

CARET Legal

JUNE 26, 2024

Enterprise Resource Planning (ERP) systems have long been touted as the one-size-fits-all solution for managing business processes. The information related to a case, such as emails, notes, tasks, calendar events, time records, and documents, might be scattered across different modules.

Law Firms 119

Law Firms Law Firm Calendaring Laws 119

The Process Street

MAY 19, 2021

Despite being responsible for managing human resources , the HR department is usually one of the most understaffed and overworked departments in many companies. Ultimately, HR automation saves you time and money — valuable resources you could better spend on other pressing HR tasks. Reduced time to hire.

Human Resources 77

Human Resources Data Management Technology Finance 77

Paralegal Bootcamp

JULY 16, 2023

Billable Hours Matter More Than You Think They Do I thought, since I talked about billable time entries last week, then it might be a good time to take a deeper dive into billable hours this week. Get applicable strategies for making more money, increasing your job security, and saving time today! Learn More How?

Paralegal 170

Paralegal Paralegals Law Firms Law Firm 170

InHouseBlog

AUGUST 6, 2023

The CEO explained that he does not see a need for or have a return on investment justification for a General Counsel, as he is not contemplating going public for some time, he does not have litigation, his intellectual property needs are minimal and he has a non-lawyer handling contracts. Does the Company Need a GC?

Contract 91

Contract Legal Legal Entertainment 91

LawSites

NOVEMBER 15, 2023

‘Transformational Change’ All of these developments were previewed yesterday to members of the media during a briefing by TR executives in the company’s Times Square office in New York. But Dahn says beta users have so far not put off by this, because they appreciate how much time they save when they do receive the answer.

Legal Research 138

Legal Research Legal Assistance Legal Assistant Laws 138

ALPS

JUNE 8, 2023

The Terminator (1984) Ok, so maybe we’re not at the point where we have to rely on a waitress at a short-order diner to save humanity from the clutches of a technology bent on human destruction, but advances in artificial intelligence (“AI”) are moving quickly enough to give even the bravest among us some cause for concern. -The

Lawyers 98

Lawyers Lawyer Law School Personal Injury 98

CARET Legal

APRIL 3, 2024

The formula to calculate it is simple: > Profit Margin = (Total Revenue – Total Expenses) / Total Revenue * 100 For example, if your law firm generates $1,000,000 in revenue and has $700,000 in expenses, your profit margin would be 30%. Your attorneys might need to spend more time on billable work. A low utilization rate?

Law Firms 85

Law Firms Law Firm Laws Legal 85

Rocket Matter

SEPTEMBER 5, 2023

But if you aren’t tracking matter costs in enough detail, you just might. Even the soft costs of each legal matter need to be calculated to ensure your rates cover the cost of doing business (and then some). 2. You should never spend more to accept legal matters than you make completing them.

Project Management 98

Project Management Law Firms Law Firm Legal 98

The Process Street

AUGUST 2, 2021

Hence organizations can save huge sums traditionally spent on scaling sales, marketing, and service efforts. A better product : Consumer-grade products are designed requiring additional forethought, empathy, and resources. Metric #1: Calculating the cost of acquisition (CAC). Metric #2: Calculating time to value.

Calendaring 105

Calendaring 105

CARET Legal

AUGUST 26, 2024

These patterns can include the timing of payments, the consistency of full or partial payments, and any recurring issues with delayed or missed payments. It suggests that your clients value your services and prioritize timely payment, which can be a reflection of their satisfaction with your work.

Law Firms 115

Law Firms Law Firm Laws Technology 115

CosmoLex

JULY 29, 2024

Understanding how to calculate and track utilization rates continuously is integral to running a successful and efficient law firm. For instance, utilization rates can help identify the profitability potential of different legal services and inform resource allocation, ensuring your attorneys’ productivity remains high.

Law Firms 52

Law Firms Law Firm Laws Legal 52

MyCase

JULY 17, 2024

In a world of changing technology and client expectations, hard work and expert knowledge may not be enough to ensure a legal business stays financially healthy–especially in times of economic uncertainty. Manual expense and hour tracking are both time-consuming and error-prone—leading to delays and less time spent on billable work.

Law Firms 89

Law Firms Law Firm Laws Case Management 89

The Process Street

APRIL 13, 2022

By the end, we want to share the exact process we used to: Drop our delivery time for content upload by 50% Increase our team productivity by 35% Improve client satisfaction by 20% Enlarge work capacity by 15%. You have to prioritize because you don’t have infinite budgets or resources. The first time is the easiest. I admit it.

Small Business 102

Small Business Metadata Freelance Drafting 102

MyCase

SEPTEMBER 21, 2022

Tech tools that automate time-consuming work, so law firms can increase productivity and profitability. Time-tracking software . For example, 38% of surveyed lawyers say that legal billing software with invoicing features saves them six to 15+ hours per month (per the MyCase 2021 Legal Industry Report ). .

Legal Technology Solution 52

Legal Technology Solution Technology Legal Legal 52

Paralegal Bootcamp

DECEMBER 21, 2023

Build Your Paralegal Success Portfolio I recommend saving all the kudos emails and voicemails from clients or your attorney that you receive in one folder. Truth be told, I think it was an utter waste of time to make them do that. This is how you can explain to them how you calculated the time estimate. Cutting corners?

Paralegal 130

Paralegal Paralegals Litigation Litigating 130

The Process Street

JUNE 9, 2021

If you need additional time to find a solution, let the customer know you’ve received their request and are working on an answer. Today, by the end of the day, we will complete all the calculations and send them to you.” Links to any resources should be included as a list at the end of your message. You’ll look good.

111

111

MyCase

JUNE 21, 2022

This KPI is a measure of how much time is spent on work that is billable to clients. You can calculate the utilization rate by dividing a lawyer’s billable hours by the total hours worked. This is another important KPI that measures an attorney’s recorded time compared to the fees that clients pay. Utilization rate.

Law Firms 52

Law Firms Law Firm Laws Real Estate 52

MyCase

JUNE 21, 2022

This KPI is a measure of how much time is spent on work that is billable to clients. You can calculate the utilization rate by dividing a lawyer’s billable hours by the total hours worked. This is another important KPI that measures an attorney’s recorded time compared to the fees that clients pay. Utilization rate.

Law Firms 52

Law Firms Law Firm Laws Real Estate 52

The Process Street

APRIL 14, 2021

Earnings before interest, taxes, and amortization (EBITDA) : This is an accounting measure that calculates net earnings before interest, tax, depreciation, and amortization. I’ve provided the relevant Process Street resources for each step that’ll give a further indication and understanding of the work scope for each step.

Work From Home 111

Work From Home Construction Manufacturing Contract 111

CosmoLex

OCTOBER 16, 2024

As data volumes grow across the legal field, it becomes more critical to have a proactive plan for analyzing, safeguarding, and leveraging that data, which takes significant time and effort. Digital tools like software and AI can do more heavy lifting, improve resource allocation, and reduce attorney burnout.

Law Firms 52

Law Firms Law Firm Laws Technology 52

The Process Street

FEBRUARY 1, 2021

Human resource departments get a bad rap. 5 human resources best practices for better management. A central conflict between human resources and employees is a lack of trust , on both sides. Over time and bad experiences, resentments build up until even the best employees and HR managers can’t find common ground.

Human Resources 93

Human Resources Education Technology Legal 93

InHouseOps

MAY 23, 2022

Yet, they don’t always feel empowered to advocate for the tools they need, even when having these tools will save time, reduce risk and even lower the company’s legal spend. Outsourcing worked for a long time. In short, legal professionals get it. Why Invest in In-House Technology? Why isn’t it scalable anymore?

eDiscovery 52

eDiscovery Technology Legal Legal 52

Rocket Matter

JANUARY 2, 2024

For small and solo law firms, time isn’t just valuable—it’s billable. Yet too many firms are still traveling back in time to do it the “analog” way, leading to inefficiency, lost hours, and ultimately less revenue. Enter Rocket Matter’s Legal Time-Tracking Revolution , powered by Rocket Matter Track.

Legal 52

Legal Legal Law Firms Law Firm 52

The Process Street

APRIL 10, 2022

Time to get back to the grind.”. This saves time and money for the company due to fewer sick days being taken and a lower employee turnover rate. She has the time and mental energy to eat more healthily, exercise , and have a satisfying personal life. Instead of: “Darn, another weekend has gone.

Human Resources 98

Human Resources 98

The Process Street

MAY 12, 2021

There’s an established length of time it should take to make a faultless pin. If “human resources” sounds like it came from a malevolent AI, “human capital” takes it three steps further. Calculating the specific ROI of employees, however, is mired in difficulties with zero solutions. Other times (read: always) they don’t.

Human Resources 105

Human Resources Education Manufacturing Healthcare 105

The Process Street

JUNE 30, 2022

As an illustration, he had the tasks followed in order every time. This way, we can operate our processes with the platform’s flexibility while also giving clients who need it the ability to save processes as PDFs for reference purposes in line with ISO-9000. Now it’s time to put in the hard graft.

Construction 105

Construction Manufacturing Small Business Drafting 105

Rocket Matter

MAY 30, 2023

It also has to consider production costs, equipment, office space, overhead, and other expenses. Firms use their profit to reinvest in the business, provide additional employee recognition, or save enough funds to keep their business afloat in the event of unforeseen costs or a bad quarter.

Law Firms 52

Law Firms Law Firm Paralegals Paralegal 52

The Process Street

APRIL 7, 2024

Let’s take a look at: Top 23 HR tools Benefits of using HR tools Human Resources Information Systems (HRIS) Key features of HR tools How to choose an HR tool Top 23 HR tools Process Street Process Street is a powerful workflow automation platform designed to streamline HR processes. That solution is software-as a-service (SaaS).

Human Resources 52

Human Resources Project Management Finance Technology 52