Optimized Legal Spend Management: The Power of People + Technology
Many legal departments rely on disparate technology (and sometimes technology alone) to handle their legal bill review processes. While the right eBilling software is certainly a big part of the equation, neglecting the human element can cause legal teams to miss out on opportunities to identify pressing trends specific to their matters, areas for cost savings or analysis lacking important context. At Quovant, we firmly believe legal bill review processes are most efficient when managed through a combination of software, automation and people. Here are our top three reasons why:
- There are elements to the legal bill review process that are untouchable by software alone and that require human comprehension. Consulting a team of professionals who leverage intelligent software solutions and deploy the right human expertise to handle these matters is often the difference between wasted and worthy legal spend. Technology alone often won’t account for nuanced, contextual details around things like time task appropriateness, the legal personnel performing the work, and overall adherence to legal billing guidelines. Tapping into the knowledge and capabilities of dedicated legal bill review experts is sure to grant legal teams greater visibility and control over their spend and patterns within it.
- This strategy scales with a company’s needs as it grows and evolves. A standard Enterprise Legal Management (ELM) software solution won’t automatically know when a legal department’s needs change or if their company is growing, restructuring, downsizing, etc. Just as organizations evolve and improve, so should their solution-suites.Quovant’s team of legal professionals, compliance analysts and business intelligence experts are well-versed in a wide variety of matters and practice areas – so they know exactly what to look for when optimizing a legal department’s spend, ensuring compliance and automation of the right processes. Having this added level of support and consultation will prove especially beneficial as companies respond to the uncertainty and change that is sure to come from COVID-19.
- It doesn’t have to be an “all or nothing” approach. Many companies may not want to move away from their current ELM software due to contractual obligations, time and resource commitments or simply the fear of change. Unfortunately, these things can keep legal departments from seeking better services even when there are obvious gaps in performance. With Quovant, companies can layer additional services – such as expert bill review, intelligent trend and rate analysis, and advanced attorney scorecards and benchmarking – onto their current ELM system to drive more value. These solutions involve careful consultation and expertise from our team and offer legal departments the ability to fully configure their solution-suites to better suit their immediate and long-term needs.
We want to help legal teams more easily uncover the right data and access services that result in better decision making, operational efficiencies and cost savings. At the end of the day, this requires a comprehensive solution-set led by expert guidance.
Have questions about stepping up your legal spend management approach? Learn more about our Managed Bill Review program here.
Interested in a free, 90-day trial of our leading ELM software for small to mid-size legal teams, LegalBill? Click here to learn more.
This post was originally published under the Quovants’s legal spend management. After the 2022 Mitratech acquisition, the content was moved to the Mitratech site.