To get started, let’s first start with a few definitions:
- The term Enterprise Legal Management (ELM) was coined about 12 years ago to connote broad support of everything that Legal Departments are involved with. The term is also practically defined and referred to as simply Matter & Spend Management.
- Matter Management is essentially the database that legal project information is stored in, such as parties, details, vendors, etc.
- Spend Management is the system that handles the electronic invoices, runs business rules against the line items providing audit and validation functions. It’s also the system where financial analytics are run.
Matter and Spend Management are foundational but represent just a fraction of the needs of a corporate legal department. Learn more about Legal Service Requests, Legal Holds, Contract Management, and NDAs.
The Benefits of ELM Solutions for Your Corporate Legal Department
Law departments must provide better service to their businesses and improve operational efficiency:
“In addition to the responsibility of managing documents, e-billing, matters and outside counsel, it’s equally important for corporate legal departments to be involved in business processes and continuously optimize the organization’s processes to improve business performance against goals and objectives. In an enterprise legal management context, BPM includes the automation of manual processes through methods such as workflow and collaboration functionality.” – Gartner: Magic Quadrant for Enterprise Legal Management, 23 Oct. 2013
The future is now and with the proliferation of enterprise solutions that respond to the full range of business needs, it has become increasingly hard for organizations to justify selecting or retaining an aging ELM system.
ELM solutions from Onit are flexible, lightweight, easy-to-use, and directly provide increased operational efficiency and decreased IT labor. We help corporate legal departments keep their practices and businesses running more efficiently.
This isn’t just a trend. Gartner predictions from the Feb. 2016 Market Guide Report suggest that the adoption of ELM solutions will increase from 20 to 50% by 2020. Get ahead of the technology curve and save your team some time by implementing early on.
Learn more about how Onit’s can customize solutions just for your corporate legal department. Schedule a demo with us today or check out our additional reading on ELM below.
Enterprise Legal Management Needs to Grow Up
4 ELM Code Phrases to Fear
Ten Things You Need to Know About Enterprise Apps and How They Relate to ELM
The New Technology Curve
The 4 Axioms of Enterprise Legal Management