Is your legal department spending more than what is accounted for? With legal matter and spend management, you’ll never have to rummage around loose files and boxes, trying to figure out where those extra dollars go. A Gartner report predicts that legal technology budgets will rise to approximately 12% of in-house legal spend budgets by 2025, which is a 300% increase from levels in 2020!
ANN ARBOR, Mich. (August 22, 2022) — LegalEase Solutions, which provides customized legal solutions for corporations, in-house legal departments and law firms, has acquired the leading contract lifecycle management (CLM) consulting firm CLM Gurus, along with key executives and staff. The acquisition adds senior talent and experience for the company’s end-to-end CLM implementation offerings, which encompass selection, requirement scoping, migration, abstraction, technology integration and change management.
With a looming recession on the horizon, legal departments are recession-proofing to stay afloat during the hard times. Economic blows inevitably force legal departments to pare down to the essentials, which could mean shoestring budgets and furloughs.
As the threat of recessionary pressures weighs down on the freedom and flexibility of legal departments, general counsel (GCs) are tasked with improving the tools they use and their efficiency in running their legal departments. Most departments can make great strides in this area by introducing artificial intelligence, machine learning and automation to speed up time-consuming, manual workflows. In commercial contracts and managing NDAs, contract lifecycle management (CLM) platforms can offer many efficiencies and benefits to the enterprise as a whole.
Media Contact:
Kevin Aschenbrenner
kevin@rep-ink.com
250-294-8431
91% of corporate legal departments say it will be important to have a law firm that fully leverages technology.– Wolters Kluwer
An exciting report published by Wolters...
CLM tools can reduce the average sales cycle by 24% and lower the average hours spent on contracts by 20%.
Nearly three years ago, the International Accounting Standards Board published a new standard for lease transactions – the IFRS 16 – with the objective to “report information that faithfully represents leases transactions and provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases”. This regulation details the identification, measurement, demonstration, and full disclosure of most leases on the balance sheet to facilitate transparency of reporting[1].
Any company, no matter its size, popularity or purpose, may be a target for cybercrime, making it essential to be prepared and vigilant.
Creating legal technology for a target audience that isn’t interested in tech in the first place is an art. Legal tech service providers strike a balance between providing cutting-edge software that helps legal departments streamline legal processes and that simultaneously enhance productivity and efficiency.