Legal Spend Management

Predictability of legal operations costs.  Legal technology to track legal spends on department, matter, and external law firm level, from evaluation to engagement.  Manage budgets and understand projected legal costs for smarter decision making.

Inhouse legal spend management solution

Centralized database, process and data supported recommendations to improve services and reduce legal expenses.

LEEDS billing legal spend management

Track Legal Spend

Beyond e-billing software

Law firm partners and vendors can submit expenses and invoices electronically.  LEEDS invoices from outside parties can be uploaded to ContractPrime directly.  Track, validate and forecast every spend automatically by setting rules to find compliance errors and routing for approval.

Manage Timekeepers

Guideline and Rate Management

Consolidate and view Timekeepers by roles, law firms, practice area and matter worked on.  Access inventory of timesheets submitted and compare against industry benchmark or peers in location and matter type.  Use metrics to optimize selection of outside counsel, obtain quotation, and review proposals to reduce costs.  Invoices are validated against negotiated rates and all line items are checked for compliance

Timekeepers legal spend and billing
Legal Spend Management Challenges

Legal Spend Management Challenges

Spend Management software must align business goals with corporate objectives. Managing the external vendors is always a challenge for legal department. Solution must advise management supported with metrics about external partner interaction by addressing the following limitations.

  • Forecasting Legal Costs
  • Following organizational compliance
  • Vendor performance evaluation
  • Management visibility
  • Invoice approvals

Managing costs in Legal Ops

Organizations can develop and implement playbook to support governance model

  • Track Costs for Legal Department and Vendors
  • Approval Process managed by Business and Finance
  • Vendor Extranet
  • Spending insights and performance valuation
  • Self-service for partners
Managing costs in Legal Ops
Track legal spend and invoice approval

Legal Budget

Benchmark and control spend

Distribute legal spend budget across department, practice area, matter, or law firms.  Set triggers to monitor spend and evaluate external partner performance to determine their effectiveness.  Track legal costs for each law firm by case, jurisdiction, quarter, or year and derive vendor performances.   Outside counsels can request for additional budgets and monitor cost overruns.

Continuous Improvement

Dashboards, Reports and KPI

Monitor and compare against historical spend data by serious of KPI like cost per lawyer, matters per lawyer, budget overrun on department level and effectiveness of partners.  Collect feedback on the timekeepers from matter owners to generate management reports during renewal period.  Dashboard will be a single platform to view practice spends and drill down by activity code and expense type.

e-billing legal spend management

Frequently Asked Questions

Legal technology solution to implement spend management SOP for legal department. Vendors upload their expenses and invoices through portal. Budgets overruns are managed through proactive reporting. Predefined legal cost on task level can be tracked and audited.

ContractPrime is the cloud legal ops solution with Legal Spend Management Software integrated with Contract and Compliance module. ContractPrime is used in verticals like HR, Finance, Consulting, Legal and Higher Education.

Compliance with organization regulations to control cost is the primary objective to use Legal Spend Management. Vendor management will be realized benefit.