3 Myths of Legal Department Operations Busted by Technology
The field of law and jurisprudence is often a difficult and confusing one. With a seemingly endless number of technical concepts and entire areas of study that branch out, it is not for the faint of heart. There is a reason why business firms and other large corporations always work to hire the best lawyers to fight for their cases, and these can often go up into the millions of dollars or more. Law is a practice done by professionals who dedicate over a decade of studies to carry out their services.
Knowing how technical the philosophy of law is, various fields of business have different sets that shroud their operations. Corporate law is one of today’s most heated points of the practice due to the boom in economic growth and the rat race with plenty of money involved. With tons of contracts being signed, legal documents shielding various processes, and new sets of requirements for modern companies, this has further complicated everything.
The Importance of Legal Department Technology
Now that the world of business is online and regarded as the future of things, it is imperative to implement new laws. You must consider your legal document management thoroughly and require software development to function smoothly with technological advancements. With plenty of processes shifting online, it pays for legal departments to be aware of some of the elements of corporate law that never change. Here are some myths of legal department functions and the truths surrounding them:
- Law Firms Cannot Budget for Litigation
Budgeting for litigation may have been tricky decades ago due to the complexity and unpredictability of the area. However, today’s world has plenty of ways to work around budgeting issues thanks to technology. Legal departments are now working to push back against law firms due to the increased pressures from internally coming up with a legal budget.
Agreeability is the key here. The budget must have similar assumptions, which bases things on the knowledge of the law firm regarding the case and their similar past experiences. It’s essential to be on guard for any budget changes and shifts, although they often do not occur until necessary. If every other industry works via a budget, so can legal technology.
- In-House Attorneys Are Unable To Enforce Billing Guidelines and Rates
Legal departments can often be understaffed and promptly overworked, but this doesn’t mean that finances and expenditures are exempted from the job. In any line of work, money talks, and law entails that attending attorneys should manage the rates stated on contracts as part of document management. Thankfully, today’s world no longer requires in-house attorneys to conduct manual financial tasking, as eBilling software is now readily available to anyone. Thanks to these technologies, the process is streamlined, and attorneys can sit back and relax without crunching too many numbers. After all, law school didn’t strictly focus on the accounting aspect of things.
- Legal Departments’ Values Are Not Quantifiable
Back in the day, most people were unaware of general counsel matters regarding what was being worked on internally. Pre-technology days were likely a bloodbath for logistics and planning, as communication and tracking were not streamlined. eBilling software, legal document management, and other contract management software of today’s world gives all legal departments no excuse when it comes to smooth operations. Tracking everything is easy and seamless due to significant flows of information, thanks to technology. Everything from cases to finances can be managed with the push of a few buttons, so investing in the right software and tech will expedite legal department operations.
Law and jurisprudence are old professions that often remain unchanged when it comes its the foundational aspects. Some parts of the law are there to stay, while others evolve according to circumstances. However, knowing that software is here to expedite processes and improve the way law firms operate can make a huge difference in their success.
Legal Technology Finder assists law firms and corporate legal departments in finding the correct pieces of technology to expedite their processes and become more efficient in operations. By using legal document management technologies, eBilling software, and other developments to increase efficiency, support, and productivity, you can boost your progress. Contact us today to see how we can assist you in finding a new-age system for your law firm.