Digital White Papers

FM16

publication of the International Legal Technology Association

Issue link: http://epubs.iltanet.org/i/742458

Contents of this Issue

Navigation

Page 11 of 44

FINANCIAL MANAGEMENT 12 WWW.ILTANET.ORG | ILTA WHITE PAPER For over 25 years, in-house lawyers have been using maer management systems (MMSs) to store maer-related information, track critical financial and performance data, automate invoice processing, and report project progress/status. An MMS is typically employed to relieve in-house counsel of some of the administrative tasks associated with managing outside counsel. These tools have been enhanced over the years to incorporate a broad range of features and functions, many primarily focused on vendor management, to where they are now oen referred to as enterprise legal management solutions. Law departments have tried to use MMSs to support vendor collaboration and build trust between in-house lawyers and outside counsel, but this has not turned out to be effective because this is not the purpose of an MMS. What general counsel are seeking is behavioral change, not just efficiency gain and spend control; thus, in-house counsel and outside lawyers should turn to legal project management to achieve greater client satisfaction. The Limitations of an MMS-Only Approach MMSs are based around the core concepts that outside counsel management should involve front-end budget development, key maer data capture and auditing for compliance with outside counsel guidelines. This approach has several limitations: ยป It assumes that outside counsel can budget effectively, which may or may not be the case, and that outside counsel is not delegating the task to an associate or paralegal who lacks the skill and knowledge to itemize the maer's time and resources. by David Rueff of Baker Donelson and Sco Rosenberg of LegalShi Enhancing Legal Operations by Integrating LPM Techniques with Matter Management, E-Billing and Financial Analytics Enhancing Legal Operations by Integrating LPM Techniques with Maer Management, E-Billing and Financial Analytics

Articles in this issue

Links on this page

Archives of this issue

view archives of Digital White Papers - FM16