Peer to Peer Magazine

Summer 15

The quarterly publication of the International Legal Technology Association

Issue link: https://epubs.iltanet.org/i/549141

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PEER TO PEER: THE QUARTERLY MAGA ZINE OF ILTA 50 BEST PRACTICES FEATURES Move Law Departments In-house legal departments today must manage ever-increasing risk and compliance challenges, and increasing litigation costs. They not only face the budgetary pressures familiar to all corporate functions, but they now must evolve from a company cost center into a strategic business partner. These requirements force law departments to do more with less, while they must also increase visibility, predictability and responsiveness. In-house legal departments traditionally have not invested in building the skills, processes and tools to support this evolution. However, it is time for law departments to move up the value chain and drive business value for the enterprise. THE MATURITY CURVE Think about this evolution by imagining legal departments falling in different stages on a maturity curve: Departments in this stage primarily react to mitigate known risks. They have undefined and/or inefficient business processes, operate as an independent silo with infrequent interdepartmental collaboration, and have a reputation as a cost of doing business. Here a law department is cost- efficient and uses predictable, repeatable processes to respond to internal and external needs. It is viewed as a valued partner often brought in by the business to facilitate solutions. Law departments in this stage drive positive bottom line business results by optimizing legal spending and performance. The department operates with foresight to protect the company's brand and reputation by preventing risks from becoming legal issues. The team leverages data to predict likely outcomes and support informed business decision-making. Legal As a Cost Center Legal As a Tactical Success Legal As a Competitive Advantage the Enterprise Value Chain UP

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