Control and Reporting from Matter Management Software Keeps Risks Low

Control and Reporting from Matter Management Software Keeps Risks Low

Litigation and legal reviews are part of modern business as goods and services are transacted in the U.S. and internationally. Legal departments and external legal counsels often become a part of daily business exchanges such as the execution of contracts, the purchasing of products or services and the creation of new business divisions. The value of legal review in these business transactions is the avoidance of risk, which could result in significant liability to any company. Controlling legal costs is critical to any company hoping to reduce risk and retain expert legal advice. For businesses looking to control costs and enforce legal policy and procedure, matter management software can effectively report on the entire spectrum of legal spending and process. Because matter management software can be integrated with legal hold and legal E Billing solutions, the entire legal business process can be traced from the initial incident throughout the case development until the case or issues are completed with invoicesthe time submitted, tracked, paid and reported. The software is powerful enough to be a fully functional project management system and a timekeeping and accounts payable application. Monitoring the amount spent for each matter and providing drill-down and drill-through capability is a key feature of matter management software, so each spend component can be viewed or changed based on services, liability exposure, spent to date, spent against budget and spent compared to liability. The matter management software offers controls to set limits on cases and thereby report against such limits, also providing detailed reporting on external legal costs and performance against progress. Intelligent workflow triggers alert managers based on matter data when thresholds are exceeded. Such alerts are visible to management to ensure that progress and budget information are in line with business expectations. Controlling expenditures and providing visibility to corporate and business unit managers is a key component of matter management software where it also integrated with a legal E Billing and legal hold software system.

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