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It is no news that the digital transformation of law firms facilitated by the tech industry has made it easier for law firms to facilitate the management of their legal work operations. However, it is important to note that apart from automation and lifecycle management, law firms face a new concern where they require a centralized source to manage the day to day processes of initiating matters organizing their workflow, not to mention administrating reports. In this blog, we will explain the specs of legal matter management and the different types, assist you in assessing and pinpointing your law firm’s needs and goals, as well as pinpoint the features found in legal matter management software trusted by top law firms.

What is Legal Matter Management?

Legal matter management, also referred to as matter management, is software that will aid you in managing all activities revolving around your corporate legal practice. However, it is important to note that this is different from case management, where legal matter management is directed towards corporations; case management is usually directed towards specific activities of a law firm.

Moreover, matter management systems should sustain all corporate matter issues to be truly effective, with tasks such as claims, contracts and transactions, disputes and litigations, governance and compliance, legal research and last but not least, intellectual property.

Key Benefits of Legal Matter Management System:

Before delving into the benefits of adopting a legal matter management software for law firms, it is important to note that such a software stems direct return on investments for your organization or enterprise. In fact, Hobson & Company found that companies with proper legal matter management software saw their ROI multiply by 7 to 10 times. That being stated, it is safe to acknowledge that this ROI was attained as a result of effective and efficient management software.

Subsequently, integrating a legal matter system would provide your firm with three key benefits:

  •         Time and effort reduction. Automating matter initiation would allow for new matters to be included by using templates and creating standard processes. This process has been shown to reduce the time needed to open a new matter from an hour to 15 minutes.
  •         Centralization of all matters. A unified database would enable your law firm to analyze internal analytics better, identify trends, and proactively lessen risks through a complete and accurate database.
  •         Proactive cost control. As mentioned in the previous point, the centralization of matters would result in better visibility when it comes to matters, where your law firm will be able to manage workloads and expenditures better, resulting in saving over 1.5% in external legal spending on a yearly basis.

In addition to financial benefits and an increase in your law firm’s ROI, integrating a legal matters system would result in numerous benefits such as:

–          Third-party integrations due to the integration of other systems such as Outlook and Gmail, and several others

–          Automation of time-consuming tasks: where document generation, storing, archiving, and referencing are automatically done throughout the system.

–          Increased productivity: where collaborations across your law firm will be enhanced, seeing that tasks will be allocated directly among your team, leading to a better work environment and better outcomes.

–          Digital transformation: a legal matters system would archive and store all documents and assets among the system leading to the facilitation of assessments.

–          Improved security: seeing that all your data will be stored within the legal matter management software.

Should you opt for matter management software?

Ultimately, law firms have so much to profit from in an era where digital transformation is prominent. Hence, the costs of sustaining a manual system have been rendered a liability instead of a valuable asset. From high fiscal costs to the risks of unsatisfactory results of a non-automated system, that could result in the loss of some essential documents.

Technology solutions, such as legal department administration software, are the future of issue management, and the more easily accepted and cost-effective they are, the better. Picking the correct software will be critical in a moment of increasing challenges and responsibilities for corporate legal departments; the proper solution may prove to be the strong backbone of efficient, creative legal operations that give their organizations unparalleled agility and value.

Knowing that several legal matter management software exists, especially in the digital transformation era, it can be difficult to depict which legal matters system would go with your law firm, as it can depend on several issues. This is why at app4legal, we aim at helping you find the most suitable software compatible with your law firm. however, we at app4legal understand the struggle to find a proper legal matter management software that is both cost-efficient and effective for your law firm

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