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.
With ContractPrime, you can easily monitor legal costs and track progress against the budget, while also identifying opportunities to reduce costs and increase value. Our collaborative platform is customizable to fit your unique needs and is backed by our dedicated support team. Streamline your legal spend management and take control of your legal budget today with our software. Discover how our solution can save you time, reduce risk, and improve your bottom line.
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.
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.
Legal Spend Management Challenges
External Law Firm Collaboration
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
Governance and Risk Management
Organizations can develop and implement playbook to support governance model to be compliant with Organizational legal services spend.
- 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
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.
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.
Frequently Asked Questions
What is Legal Spend Management
Process to determine the value of external vendors like law firm and consultants. Spend management is to control budget and legal expenses on matters. General counsel must have oversight of outside counsel spend.
What is Legal Spend Management Software
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.
What is the best Legal Spend Management Software
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.
Why we need Legal Spend Management Software
Compliance with organization regulations to control cost is the primary objective to use Legal Spend Management. Vendor management will be realized benefit.