Author: Onit

Kickstart Your Enterprise Legal Management with 8 Crucial Features

“The best way to become essential for the companies that buy your products is to help them grow their business (i.e., to produce meaningful ROI) in unique ways. That is what solving customer problems is all about, and it’s as neat an encapsulation of the difference between enterprise and consumer software as we can offer.”
― Blair Reeves

When shopping around for an enterprise legal management solution, you need to ensure that the prospective system can be built around the way your teams work. After all, you’re trying to streamline your operations and avoid the old standards of relying on email and spreadsheets to get the job done. In today’s fast-paced legal settings, lawyers need to be able to work faster, smarter and more efficiently, and the best way to do it is by automating legal department processes.

Traditionally, enterprise legal management vendors have taken a database-centric approach in designing their solutions. However, and this cannot be over-emphasized, your competitive legal department needs a system of engagement – a system that supports the highly collaborative nature of your legal work. This in turn reinforces your business goals and ultimately, your bottom line.

There are quite a few benefits of a cutting-edge enterprise legal management solution, such as cost savings, flexibility, robust reporting capability, etc. But equally as important are the numerous crucial processes that enterprise legal management can help your team with. After all, you’re trying to find ways to improve your processes. At this point you’re probably wondering, “Okay, we know the basic stuff. What are the features we should be looking for?” We’re glad you asked, and here are eight of our favorite fundamental features:

  1. Highly configurable to your legal department’s needs, and seamless integration with systems such as accounts payable, document management, IP management and other back-end systems
  2. Comprehensive visibility into all invoices at every stage — including submission, review, and approval
  3. Reporting and dashboard views to analyze invoices, evaluate performance against budget, and see trends across your matter portfolio
  4. Workflow capabilities match your business requirements and are simple to change, alter or adjust. Different work types, such as matters related to employment, litigation, or mergers, can have their own unique workflows
  5. A single platform for collaboration that captures notes, documents, attachments and email communications in one secure location
  6. A complete audit trail of all matter activity
  7. The ability to keep track of all your authorized timekeepers and rates in one location. Adjustments can be made quickly and easily with a few clicks
  8. Industry standard security and bank-grade encryption ensures your data remains confidential

The very best enterprise legal management solution represents a new paradigm that is transforming the e-billing and matter management landscape and drastically improving delivery of legal services. Process-driven solutions integrate workflow and collaboration unlike other legacy providers. The best solutions allow you to dig in and define the legal business processes that are critical to your organization and deliver more bang for the buck; as well as your bottom line.

Changing Your In-House Legal Time Management

How special the last two years have been. With the pandemic and remote working, companies around the globe were suddenly faced with multilayered challenges. Effective time management and avoiding unnecessary administrative tasks have become more important than ever. In the following article, Anastasia Hufen, Legal Counsel at Helaba, a German commercial bank, describes first-hand how the introduction of our Legal Spend Management solution supports her in overcoming these challenges on a daily basis.

I just made my first steps working with Onit’s European legal spend management solution BusyLamp eBilling.Space as a lawyer in a middle-sized German bank, and – happy to confirm – the tool is great! My favorite features that support my personal time management are the hands-on and easy implementation process, compatibility with my existing devices and tools, resiliency in change management, and advantages concerning spend management of in-house affairs. Besides this? The result is a fancy legal spend management tool that helps a dynamic, cost-conscious business area work more efficiently with external legal advisors. But allow me to pinpoint in a bit more detail:

First, the technical side: Being a stand-alone application, the tool has an easy implementation comparable to the apps you are familiar with on your mobile devices; once the configuration process by the provider is completed, it is just up to you to log in and start working. Consequently, this results in a high acceptance by users like me that share the view that digitalization’s job is to make my real life easier (and not vice versa). In my experience, the configuration process at BusyLamp is as simple as you can imagine: You supply the lists of contacts to be on-boarded along with the billing rules you wish to apply, and in turn, BusyLamp delivers your tool. By the way, it is up to you to decide on the level of customization and integration with other tools: It is either a ready-made or fully tailored solution for implementation of your legal e-billing process, starting with the engagement of an external advisor and ending with payment by the accounting department. Any and all processing may be reflected, including any and all necessary limitations and requirements. So the basic challenge here is to ensure you know your processes and what kind of tool you need.

Second, once ready to go live, you’re in the driver’s seat and taking your business relationships to the next level of professionalism and transparency. This is because you’re working directly with your private practice counterpart in the system based on the billing rules and the guidelines defined by you beforehand. My recent experience shows that one outcome of the improved client-law firm relationship is the acute objectivity: As you stay informed about the costs – throughout your process, at any time, and as detailed as you wish – the effect is undeniable collaboration and transparency in terms of contacts, connections, interactions, and costs. Plus, the advantages of organized e-billing records cannot be overrated. Using the tool means that there are no unnecessary negotiations throughout the matter’s lifetime unless you wish to make exceptions in individual cases for whatever reasons. The system gives you fully automated billing processing where your only task is to provide the correct settings and control the potential rule breakers. It provides competition, fairness, and transparency, saving you time.

And, finally – and especially for those who (like me) take fun very seriously – it’s a fancy solution, looks and feels good, and is fun to work with. Therefore, overall: BusyLamp eBilling.Space is my insider tip for your effective time management.

See it for yourself! Request your personal demo today.

Five Must-Have Features of a Contract Management Solution

“Marriage is a financial contract; I have enough contracts already.”
   – Linda Fiorentino

It’s a fact: businesses that implement a transparent contract management process compress their time to revenue; mitigate risks by having fewer contractual exceptions and increase customer satisfaction. Contracting is more complex than ever before, and this unfortunate trend is expected to continue. One reason is that standard, “universal” contracts are a thing of the past now as clients are demanding more personalized contracts.

What’s needed is a solution that solves the very basic problem of contract management by creating a simple, reliable process to execute the intake, review, approval, execution, management and storage of contracts. Business, legal, and even financial contract approvers should have access to one central location to collaborate and approve contracts as they move through the contract lifecycle process. Beyond that, we’ve selected five features that we feel must be incorporated in your contract management solution.

Here are five must-have features of a contract management solution:

  1. Contract Lifecycle – Contracts can be managed throughout the entire lifecycle, including renewal dates, termination notice periods and non-standard terms.
  2. Added Visibility – Centralizing your contracts allows visibility throughout their lifecycle. You can see a document’s history, including all previous versions and can create reports based on any data field in a personalized dashboard.
  3. Simplified Management– Easily collaborate with reviewers and departments directly. Email updates can also be sent to contracts through an assigned unique email address. Email notifications can be configured for multiple events, including new contract requests, comments, tasks, updates and documents.
  4. Custom Intake Forms – Custom intake and data forms allow multiple contract types with the capability to support context sensitive data capture. Some contract types supported include NDAs, MSAs, SOWs, etc. Fields can be easily configured by contract type and reminders can be based on business rules.
  5. Flexible Workflow – Workflow can be configured relative to contract type or matched to your unique business needs.

Contracts no longer have to be the 24/7 headache they used to be. It’s time to get on board with the finest in contract management solutions and allow your business to reach the level of success it deserves.

Onit, Colgate-Palmolive and Citigroup to Present at CLOC Institute

The annual Corporate Legal Operations Consortium (CLOC) Institute is just around the corner and Onit is thrilled to be taking part again. Held in sunny Las Vegas, this session is titled, “A Platform Power Play: Why Workflow is Critical.”

One of the key areas where law department operation professionals are seeking operational wins is by automating legal and business processes. Legal teams today are being asked to do more with less resources but they need software to augment this challenge. A powerful platform can not only meet their growing workflow and business needs but it can help with collaboration, transaction management (i.e. contracts, matters, invoices, etc.) and reporting capabilities. 

Learn why a platform approach is the right decision for today’s legal team. We will discuss how to drive change with process efficiencies to manage legal operations. The presentation will highlight the following: 

  • The rational of a platform versus point solutions
  • How automating workflows gives a better view of all on-going business transactions
  • Lessons learned from the selection and implementation process
  • Early results from gaining visibility into their legal operations

The goal of the CLOC Institute is to disseminate actionable steps that can be taken to drive specific changes — things many can get excited about, get involved in, and make happen, rather than just talking about a tipping point and “change.” With educational sessions provided by practicing industry leaders, the CLOC 2019 Institute offers unrivaled opportunities to stay on the cutting edge of today’s legal operations trends and technologies.

Learn more about the event.

Onit Appoints Chief Technology Officer and Chief Operating Officer

Onit is pleased to announce that we’ve appointed a Chief Technology Officer (CTO) and Chief Operating Officer (COO). Chris Fields is our new CTO, a position previously held by co-founder Eric Smith who will now assume duties as COO. Chris most recently served as CTO for Innovative Interfaces where he led the Engineering and Product Management team, converting client/server-based technologies into a multi-tenant system leveraging cloud-based microservices for global library systems.

As CTO at Onit, Chris will be responsible for overseeing the technical vision of the company and leading product research, engineering and development efforts. He will also be responsible for evaluating and implementing new systems and infrastructure and ensuring technologies are used efficiently and securely. Additionally, he will build quality assurance and data protection processes and communicate the company’s technology strategy to our consulting and business partners and customers.

Read the press release.

The Lean, Transformative Legal Department: Tech is King

“I think one key part of doing more with less is to be more strategic, to realize what the objectives you’re truly trying to accomplish are and then to drive with greater focus towards those objectives.”
– Risa Lavizzo-Mourey

Doing more with less money and resources is not something most people want to hear from their bosses at the staff meeting. But it’s becoming more and more prevalent in the workplace, and legal departments share in the angst. “Lean legal” has been raising its ugly head for some time now, but it doesn’t need to be “ugly” at all. We invite you to read on and you’ll see what we mean.

Cost control and cost management have, and continue to be, one of legal’s biggest challenges. How have legal departments been handling this? Increasing the workload of existing resources, bringing on more in-house lawyers, and implementing more technology. Increasing the workload? Something else employees don’t want to hear. Hiring more in-house lawyers? That’s not really making things “leaner,” is it? That leaves technology. Let’s investigate this one a little more.

According to HBR Consulting’s 2018 Law Department Survey:

“Law departments also continue in their efforts to streamline operations, not only to control costs but also continue to increase efficiency. Legal technology continues to be a focus of many departments and plan implementation of next generation technologies to increase productivity. Law departments continue to be interested in data-related technologies, with 28 percent indicating they plan to implement artificial intelligence technology in the next one to two years, and 26 percent planning to implement legal spend analytics. These were topped, however, by contract management solutions, which 29 percent plan to implement in the next one to two years. These new legal technologies help automate manual workflows and create visibility into workload and spending, allowing organizations to improve operating efficiency and facilitate decision making.”

Topping the list of most implemented technology are e-billing and matter management, with legal holds and contract management following closely on their heels. Interestingly, the top two areas where customers are moving out of their existing systems are e-billing and matter management. This points to even greater demand for cutting-edge companies who provide the crème de la crème of technology solutions.

So if technology is so good at helping these legal departments, what were the barriers to using it in the first place? A lean budget is often cited as one of the major reasons. Resistance to change also places on the list. But one of the other major reasons is integrating new technology with existing systems. Nowadays, resistance to change is really the only thing that should be holding up progress – the other issues of budget and integration have changed considerably in favor of organizations seeking new technology. There are technology solutions out there for practically every budget. Stop dreading the words, “Do more with less.” We challenge you to thrive on it and explore the technology solutions out there that will help you do that.

 

Technology: Why Adapt to “Survive?” Adapt to Thrive!

“If you always do what you’ve always done, you’ll always get what you always got.”
― James P. Lewis

It’s one thing to “keep up” with the constantly changing battleground of the business world; in fact, it’s necessary. But we should be looking at that as only one element of the solution. Why not take it a step further and make our business flourish in this highly competitive environment?

Adopting the best business automation technology available is a cost-effective way to reach that goal. And cloud-based technology systems not only get the job done in the office, but keep you automatically ahead of the game because your provider is making sure the solution is always ahead of the game. But there’s one caveat to that last statement: you need to be very careful when you select solution providers – they’re not all created equally and some will quietly allow you to fall behind your competition. In many cases, clients aren’t even aware that it’s happening. With due diligence you’ll be able to select from a list of providers with proven track records.

A great way for companies to thrive is to look at software platforms that allow business users to drive efficiency and productivity. By combining business process management, project management, and information management into one easy to use tool the user can create their own solutions. With such a platform, it is easy to develop and deploy solutions that streamline business processes and solve real world problems which directly impact customer satisfaction, employee productivity and profitability.

Some key features to look for in a platform include:

Short Development and Deployment Time
The best platforms radically reduce “time to pilot” and “time to value.” Simple process pilots can be ready for implementation in hours and in production within days.

Flexibility
Business users require the flexibility to route, comment, revise and track progress of the project to accommodate the variability and unpredictability inherent in knowledge work.

Standard Intuitive Interface
Users love simple intuitive interfaces with standard features allowing the user to focus on the process instead of how the application works. This means that little or no training is required, thus dramatically reducing the time and cost of deployment.

A “Learn by Doing” Approach
The focus is on learning the optimal process through feedback from rapid deployment rather than a customized and expensive development of complex process maps and workflow design that anticipate every possible contingency that may or may not occur.

With the best platforms creating your own solutions couldn’t be simpler: once you identify a process that you’d like to automate, you use an intuitive interface to create a solution for the process. That’s it. Your organization can then streamline internal processes, gain greater visibility into transactions and improve operational efficiency. A flexible platform lets you easily bridge the organizational and geographic boundaries critical to your business. Thriving in this business environment has been made infinitely easier with the right technology at our fingertips.

How Technology Helps Legal Departments in Financial Services Manage Their Unique Challenges

Legal Operations teams generally design, plan, and implement their legal team’s strategic initiatives to support the business. They must balance managing risk and regulatory changes with operational efficiencies while keeping costs in check. Access to data in a structured form allows the team to provide valuable and powerful advice, guidance, and support to their legal function. Given the unique position of an in-house legal function, they often hold a wide range of information about the business they support, which gives them an unparalleled view of their organization. While most in-house legal teams will broadly use the data for similar reasons, the rise in legal and regulatory changes impacting financial institutions has increased their demand for meaningful data. Some of the leading legal and regulatory changes include the Senior Manager and Certification Regime (SMCR), “ring-fencing,” Dodd-Frank, European Markets Infrastructure Regulation (EMIR), and General Data Protection Regulation (GDPR), to name but a few.

The introduction in 2018 of the Senior Manager and Certification Regime (SMCR) by the Financial Conduct Authority has put the additional onus on specific key individuals and material risk-takers within UK financial institutions to evidence their decisions. Maintaining structured data that can be analyzed and measured will help provide evidence for some critical decisions. These decisions might include law firm panel appointments, outsourcing / insourcing business activities, and management of legal risks.

Those Financial institutions with clear visibility of the derivatives and related instruments they have entered will have benefited in understanding any re-papering needed for “ring-fencing.” The data may also enable them to meet the new collateral obligations under EMIR. Understanding the legal spend to support these legal and regulatory changes will allow the in-house function to better prepare and budget for future changes.

Under recent Banking reforms, financial institutions must maintain “living wills” to try and ensure they fail safely. This activity requires the maintenance of critical contracts/documentation in a central location. As many of these will have passed through the legal function at some stage, a well-structured database with crucial contract details will help remove obsolete documents and add new ones.

With the increases in cyber security, the legal function will, over time, be able to identify better which external law firms have handled data for the organization and ensure robust measures to safeguard that the law firms are applying data.

The data can support trend analysis which will help the legal function understand and support significant changes in demands for products and services and any resultant risks. A substantial change in demand may be seasonal (such as the end of a tax year or when certain subsidies get paid), market or social-media-driven (such as mis-selling issues), or economic/geopolitical (such as changes in interest rates, exchange rates, commodity prices as well political uncertainty). Any of these can alter the legal risk profile of the business and change the demand for legal resources. Being aware of pressure points will help the legal function adapt.

Legal departments in financial services face unique regulatory challenges. Technology provides a central source of truth to manage these requirements. The resulting data output ensures legal operations can support the legal function quickly and accurately while predicting risk and change.

Learn more about BusyLamp from Onit, our end-to-end legal spend management solution built for European corporate legal departments. 

The Long Road to Business Process Automation and Apptitude Part III: Incubators to Software

“I couldn’t tell you in any detail how my computer works. I use it with a layer of automation.”
– Conrad Wolfram

In part II of our series on, “The Long Road to Business Process Automation and Apptitude,” we pushed the history of process automation back to the eighth century B.C. We ended our discussion by describing how Jacquard’s famous automated loom and how automation, stored programming and data entry owe a debt of gratitude to the loom’s ability to change weave patterns by changing punched cards. Pushing forward in time we find more solid evidence of real automation which laid the groundwork for modern business process automation.

Amazingly, devices for automatically controlling the temperature in egg incubators were being used throughout the 17th and 18th centuries. Other thermostatic devices followed up through the 19th century, each with varying improvements over previous devices. The whole idea of automating processes was now in full swing, to the extent that contemporary technology allowed.

The steam engine not only helped propel the assembly line, but also takes a place in automation history. But most people don’t realize that there was one special part that set later steam engines apart from earlier models; the mechanical governor. In the 18th century an ingenious mechanical governor was invented to control the speed of the engine. Perhaps the most important automatic control device of the period, the idea for the steam engine governor came from a most unlikely source. A century before, the centrifugal governor was being used in grist mills to control the gap between the upper and lower millstones. When grinding grains, it was necessary to carefully monitor the gap in order to achieve consistency in the final ground product.

Automated telephone switchboards, automatic bottle-making machines and myriad other automated applications through the computer age have demonstrated the importance of automation in our lives. We’re now in the 21st century and computers conveniently run process automation of every form imaginable. We have software at our fingertips to automate every process that organizations throw at us, and then some. Process automation is optimizing organizational operations in several key areas. Workflow and automation of processes deserve a spot at the top of the list. Automating routine tasks can give businesses that extra “edge” they need by driving efficiencies and controlling costs – a tried and true recipe for success.

Onit CEO Eric Elfman to Judge the 2019 Rice University Business Plan Competition

Onit CEO and co-founder Eric M. Elfman will serve as a judge for the 2019 Rice University Business Plan Competition. Scheduled for April 4-6, the program is known as the world’s richest and largest graduate-level business plan competition.

This will be the 18th year that Elfman has judged the competition, which is hosted by the Rice Alliance for Technology and Entrepreneurship and the Jesse H. Jones Graduate School of Business. The Rice Business Plan Competition is the world’s richest and largest graduate-level student startup competition. This is the 19th year for the competition. In that time, it has grown from nine teams competing for $10,000 in prize money in 2001, to 42 teams from around the world competing for more than $1.5 million in cash and prizes.

For the 2018 competition, roughly 400 applications were submitted. More than 180 corporate and private sponsors support the business plan competition. Angel investors, venture capitalists and other investors from around the country volunteer their time to judge the competition, with the majority of the 275+ judges coming from the investment sector. Since 2017, 205 past competitors have gone on to successfully launch their businesses and are still in business today, 28 of those have had successful exits. All RBPC past competitors have raised in excess of $1.9 billion in funding.

The competition is designed to give collegiate entrepreneurs a real-world experience to fine tune their business plans and elevator pitches to generate funding to successfully commercialize their product. Judges will evaluate the teams as real-world entrepreneurs soliciting start-up funds from early stage investors and venture capital firms. The judges are asked to rank the presentations based on which company they would most likely invest. Eighty-seven percent of judges surveyed considered investing in a team that presented at the 2018 RBPC or referred a team to a third-party investor.

About the Rice Alliance for Technology and Entrepreneurship

The Rice Alliance for Technology and Entrepreneurship (Rice Alliance) is Rice University’s nationally-recognized initiative devoted to the support of technology commercialization, entrepreneurship education, and the launch of technology companies. It was formed as a strategic alliance of three schools: the George R. Brown School of Engineering, the Wiess School of Natural Sciences and the Jesse H. Jones Graduate School of Business in collaboration with the Vice Provost and the Office of Research.

Since inception in 2000, more than 1,700 early-stage companies have benefitted by participating in the 175+ programs hosted by the Rice Alliance and have raised in excess of $3.3 billion.

Learn more about the competition.