In-house lawyers have always played an essential role in the workings of a business. However, while they used to be tasked with only the legal aspect of the business proceedings, they have now been given a wide range of responsibilities to bear. These responsibilities include financial management, strategic planning, data analytics, and effective communication of the firm. As a result, corporate legal departments are now being faced with a challenge to do more with less, or in other terms, maximize outcome and minimize costs for their specified tasks. To do so, strategic legal resourcing is being utilized by various organization’s legal systems to incorporate a much more efficient legal system.
What Is Strategic Legal Resourcing
The legal representatives of any organization are tasked with numerous responsibilities to ensure the lawful status of the company. Strategic legal resourcing involves making use of the limited allocated budget towards proper resource mapping. Managers can select resources according to their needs and budget to assist with their assigned tasks by using a data-based process to determine their outsourcing, insourcing, and tech-sources needs. Automated technology solutions are especially preferred for legal resourcing work. By allocating repetitive tasks to an automated self-service system, the in-house counsel is given time to deal with matters that require their strategic professional solutions.
Benefits Of Strategic Legal Resourcing
Strategic resourcing has tons of benefits; not only does the process make work a lot easier for legal management teams but it also improves the work efficiency of the whole company. Determining the right tools that match your requirements is also essential to strengthen your team’s productivity. Here are some reasons why strategic legal resourcing should be considered necessary for all corporations.
1. Budget Planning
Automated counsel tools not only track your finances but also provide extensive reports regarding budget planning for your company. Depending on the software you choose for your company, the budget details are elaborated in daily, weekly, or monthly reports that showcase mergers and acquisitions, sales and profits, and much more. In addition, an automated solution will ensure that based on customer and market research, the future budget allocation is done. Moreover, by analyzing company data, budgets for each department are set as well.
2. Automate Manual Processes
One of the greatest benefits of strategic legal resourcing is that automating processes can save a lot of time and effort. By automating repetitive manual processes, you’re not just saving your legal team’s time but also removing the chances of human errors that can occur. Usually, strategic resourcing technology is used to record invoices and keep them organized in a digitized fashion. This will help your lawyers spend their time on more important tasks like speaking to clients, finalizing deals, advising corporate members, etc.
3. Integrate Business Software
Strategic planning comes with many benefits, one of the best ones being that it integrates different business software together for more efficient processing of data. For example, by integrating legal and finance departments, the information from legal will be directly transferred to finance, and concerning transactions will be made easy. Similarly, different departments from the organization will all be integrated so that all proceedings are automated, which saves both time and money.
4. Optimize E-billing Process
Automated systems based on artificial intelligence and machine learning programs will help your firm become completely digitized with regard to payment and transactions. This will ensure that your company’s billing process is as efficient as possible.
Legal e-billing software combines all bills and invoices into one system. With that in mind, instead of your team having to chase bills, a general counsel software will ensure that they focus on the high-end tasks that require their attention. Moreover, the system also provides a detailed spend report which outlines relevant information for data analytics.
5. Data Analytics
The data analytics feature is one of the best things that’s a result of strategic legal resourcing. By analyzing the different trends and patterns of the market, detailed reports of potential clients your firm should or shouldn’t work with are created. Your team can then analyze what decision you need to make when choosing a partner.
Strategic legal resourcing involves a proper decision regarding the type of solution a firm needs to fulfill its tasks in an efficient manner. No matter how professional, legal representatives are still humans and can only work at a specific maximum capacity. Moreover, by automating processes that don’t require the attention of professional attorneys, they are given time to focus on other high-end tasks that need their critical thinking. That being said, self-serve legal tools are a great way to help ease the busy workload of in-house counsel.