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However, not all technology is created equal and at a time when operational excellence is critical and legal leaders need to thoughtfully invest in in-house legal technology, a legal workspace has proven to be the best way to increase efficiency, deliver better legal service and amplify business outcomes. What is a legal workspace?
Tauranga, 26 February 2025 LawVu, the leading legal workspace for in-house legal teams, has reaffirmed its commitment to transforming legal spend management and e-billing with significant new investments and innovations. Discover how LawVu can transform your legal operations at www.lawvu.com.
Legal matter management software empowers in-house legal teams to streamline legal operations by standardizing workflows and processes, reducing manual administrative work, enhancing collaboration, and extracting crucial data and insights that help showcase the value that legal brings to the business.
This article is our take on key insights from the report, while exploring the unique ways in which the LawVu unified legal workspace is positioned to meet the needs of corporate legal teams.
Managing Financial Transitions Transparent Financial Reporting An equitable and compliant financial division is crucial in any firm split. CARET Legals collaborative workspaces ensure real-time communication and information sharing, regardless of organizational shifts.
According to the ACC Law Department Management Benchmarking Report, the median outside spend on outside counsel and ALSPs is $1.8 In fact, enforcing billing guidelines ranked as the third most effective cost control measure in the 2024 Legal Operations Index Report.
While there are no set rules governing the detail of in-house job titles and reporting structures, there are a number of core functions which must always be carried out by any in-house legal team if they are to effectively serve the wider business. Some roles overlap and are used interchangeably.
66% spend more than an hour a day compiling assets for reporting. Matter management software comes in a variety of types, which ideally should facilitate the end-to-end management of all your legal work, from intake to daily workflows and data insights – all channelled through a single source of truth.
Providing elevated insight: Finally, AI can leverage your newly formed single source of truth to surface clear reportinginsights from complex datasets information which would otherwise take a huge amount of manual work to make sense of.
Without an effective, well-implemented matter management platform, legal leaders will struggle to have the visibility and insights needed to accurately and effectively lead modern legal functions. The majority of legal team work can be considered as a matter, and this work is often unaccounted for in reporting and technology solutions.
30% spend three hours per day or more compiling assets for reporting. 30% spend three hours per day or more compiling assets for reporting. Insights and reporting Legal operations teams track and analyze key performance metrics such as legal spend, resource allocation, and process efficiency.
Some of the main advantages of adopting the “legal matter” lens for in-house teams are: Visibility: Having a shared understanding of what a legal matter is, and the characteristics they involve, makes it easier to monitor and provide insight into legal workloads, deadlines, and spend.
She also reflects on the profession in law in general and shares personal insight as well as the experience of her guests. It deals with current, trending topics, and provides accurate facts and interesting insight. The host is Sally Penni, an award-winning barrister, public speaker, and founder and chair of Women in the Law UK.
He shares insights on “contrology” from his book, Caged Lion: Joseph Pilates & His Legacy. In the scramble to set up remote workspaces at home, the home office look and feel probably wasn’t a priority. To keep up with timely insights on the law, legal innovation, and law practice, visit Legal Talk Network.
Running your legal function successfully carries increasing expectations and opportunities to use legal data, metrics and insights to prove impact, improve operations and engage successfully with your data-centric business peers. Insight: Immediate and clear understanding (seeing the solution to a problem or the means to reaching a goal).
The LawVu legal workspace is a unified platform for managing matters, contracts and spend all in one place, and now, with the Q1 2024 product update, it’s even more powerful. Let’s take a closer look at these new features and how they’re amplifying the value of the legal workspace.
With a swift look, you can comprehend the primary points, crucial insights, and significant conclusions. Secure Collaborative Workspaces As legal work becomes increasingly global and remote, the need for secure , accessible collaborative spaces has never been greater.
There’s an untapped goldmine of legal data, metrics and insights sitting just below the surface of your daily legal work – contract lifecycle data. Despite this, contract data remains an unused resource for many legal teams, with a wealth of actionable insights going by the wayside as a result.
From cost efficiency to risk management, you can tell a lot about an organization from the way it manages its contracts – from manual processes, point solutions and ELMs at one end of the spectrum to consolidated workspaces at the other.
With peers in marketing, sales, and operations already fluent in data-driven leadership, General Counsel are increasingly expected to run the legal function “like a business” – and that requires metrics, KPIs, and reporting. Book a custom demo of the LawVu Legal Workspace here. Leveraging data can be a challenge for General Counsel.
Others have a dedicated workspace or deskspace in their home that’s reserved for all things work-related. Rather than redesigning the workspace to make the most out of these new technologies, employees virtually recreate how they would work while in the office. Once the day is over, they leave and switch off work mode.
Instead of relying solely on generalist lawyers or expensive external counsel, for example, you might choose to assign more practice area specialists, or adopt comprehensive legal technology solutions (such as a legal workspace ).
In addition, the company says, it is more than just a drawing tool — it also captures data about the entities and the relationships to access further insight into how the legislation and regulations interplay with their structure. Blue J’s AI predicts court outcomes of tax scenarios with a reported 90% accuracy.
LawVu: Accelerating the world’s legal work to amplify business impact LawVu, the first truly connected legal workspace, revolutionizes the way that in-house legal teams work. The workspace has a friendly, intuitive user interface which makes it easy to get up to speed quickly, and is designed to scale with the needs of individual teams.
Enter LawVu – a secure, all-in-one legal workspace designed specifically to help legal teams tame legal requests, gain insights and effortlessly collaborate with the wider business to boost productivity. With everyone trying to do more with less, the need for efficiency and scalable processes is paramount.
Enter LawVu – a secure, all-in-one legal workspace designed specifically to help legal teams tame legal requests, gain insights and effortlessly collaborate with the wider business to boost productivity. With everyone trying to do more with less, the need for efficiency and scalable processes is paramount.
Enter LawVu – a secure, all-in-one legal workspace designed specifically to help legal teams tame legal requests, gain insights and effortlessly collaborate with the wider business to boost productivity. With everyone trying to do more with less, the need for efficiency and scalable processes is paramount.
Helps gain insight into customer behavior Pro: Easy to use, even for those not familiar with AI prompts Capable of learning over time Cons: Not always accurate Still in its experiential state Claude (Anthropic’s LLM) Claude official website Unlike other AI chatbots, Claude is capable of processing 75,000 words of text in a single prompt.
Ultimately this speeds up workflows and creates critical visibility over spend data, helping teams report on and control costs for the work they do with outside counsel/legal service providers (LSPs). Legal teams implement spend management and e-billing solutions to centralize their invoices and legal spend data in one place.
Ultimately this speeds up workflows and creates critical visibility over spend data, helping teams report on and control costs for the work they do with outside counsel/legal service providers (LSPs). Legal teams implement spend management and e-billing solutions to centralize their invoices and legal spend data in one place.
They empower managers to easily keep track of ongoing performance, document employee goals, and offer transparent performance reports. A safe and inclusive workspace. However, a safe and inclusive workspace goes beyond physical safety. This already gave me some great insight into what was expected of me. Have check-ins.
Easy to use, interactive dashboards to enable more data-driven decisions Reporting and visibility over your legal work is critical and, while it’s one of the things LawVu delivers best, we continued to seek feedback to ensure we (and you!) I love the updated reporting in LawVu. stay at the top of our game.
For example, The 2023 In-House Legal Technology Report reveals 37 percent of legal teams spend three hours a day or more going back and forth with the wider business, and 61 percent spend over an hour a day or more jumping between systems to gain a complete view of their work to determine priorities. technology solutions.
This starts with business requests for legal support through to how work is prioritized, managed, and the outcome, all while capturing valuable data that can be used for reporting and operational decision making. Over a week these inefficiencies or lost hours snowball.
According to Thomson Reuters’ 2023 State of the Corporate Law Department report , more than a third of in-house legal teams anticipate a rise in legal spend in the upcoming year – and a whopping 85 percent identify controlling outside counsel costs as a high priority. Legal spend is front of mind for many in-house legal departments.
Make data-driven decisions with contract turnaround time reporting Monitoring contract turnaround times enables legal teams to effectively report on their activities, pinpoint bottlenecks, showcase value, and collaborate with other teams in the business. Your data is never used to train any models and stays within your regions.
Tracking contract turnaround times allows legal teams to report on their work, identify bottlenecks and opportunities for improving efficiency, and demonstrate their contribution to business outcomes. At a time when turning contracts around in a timely manner is more important than ever, effective contract reporting is mission critical.
The rise of the COVID-19 pandemic has disrupted the global workspace across all industries, including the aviation and composite engineering ones. ” Not only does it offer them the organised structure of a traditional workspace, but it also gives them the flexibility that comes with working in a virtual law firm. Reduced costs.
Against a backdrop of rising outside counsel fees and internal pressure, cost control remains the highest priority for corporate legal departments in the US this year (Thomson Reuters, 2023 State of the Corporate Law Department report). There’s no doubt that software is one of the most efficient tools for managing legal spend.
Against a backdrop of rising outside counsel fees and internal pressure, cost control remains the highest priority for corporate legal departments in the US this year (Thomson Reuters, 2023 State of the Corporate Law Department report). There’s no doubt that software is one of the most efficient tools for managing legal spend.
Doesn’t try and be a “collaborative drafting workspace” or CLM – just a modern, purpose-built rethink of Word/Acrobat/Compare/etc. Akroda is a project management and communication hub that centralizes collaboration, workflows and reporting for legal teams that lack software tools built specifically for legal function.
However, with over 77 percent of respondents to The 2024 In-House Legal Technology Report stating that time spent on manual daily tasks detracts from their ability to support wider business goals, it’s clear that when it comes to inefficient legal workflows, it’s our highest-value work that is suffering the most.
Data empowerment: Legal technology tools can generate data-driven insights which provide visibility over what is going on across your department. Data-rich legal operations software which includes insights and reporting functionalities will also make the process of identifying and showcasing cost savings even easier.
According to a report from the American Bar Association , nearly 90% of surveyed lawyers said that their firms allowed team members to work remotely. Successful remote work lawyers have a well set-up workspace. Many case management solutions have built-in analytics that provide insights into your team’s performance. Calendaring.
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