Is enterprise legal management worth it?
TeamConnect’s visibility and demonstrable best practices let you drive meaningful, long-term value from Legal. Here’s one example of the value created from just the e-billing component alone.
The ROI range over 3 years
< 1 Year
The time it takes for e-billing to pay for itself
Annual efficiency and cost savings in year one
Outside Legal Spend
6% Reduction in Legal Spend
$16 Million in outside spend
6% Improvement in productivity
20 attorneys * fully burdened cost
19 paralegal & admin * fully burdened cost
Your total annual savings:
TeamConnect delivers benefits across the board
When you measure workflow automation success, here’s how TeamConnect makes an impact:
TeamConnect users realize significant staff time savings and efficiency gains. One user reduced the effort to open and assign new matters and budgets by 75% and saved 30 minutes per invoice through electronic review and invoice approvals.
Legal Spend Savings
With TeamConnect, Legal enjoys an immediate reduction in outside counsel spend and drives 5-10% legal spend savings annually. They also realize a 17% reduction in the average cost of an incident or claim and a reduction in duplicate payments due to manual oversight.
Reducing the number and cost of regulatory noncompliance incidents can sure shore up your company’s reputation. TeamConnect empowers companies to avoid litigation and reduce fraudulent claim payouts by 10% through ensuring and standardizing Legal best practices.
Single Source for Legal
Integrating seamlessly with the systems your end users use most is essential for driving technology adoption. This integration simplifies daily tasks and ensures all users input data and information into a single source, providing visibility across the team.
Outside Counsel and Outcomes
By combining costs with outcomes, TeamConnect clients are able to determine the true value of outside counsel relationships and optimize their firm selection. Recognizing your highest performing firms drives positive results for your entire enterprise.
Governance and Control
Heightened visibility into processes helps leadership make informed decisions and drive toward Key Performance Indicators that define long term value. TeamConnect helps ensure that Legal drives value for the entire company, not just the department.