In comparison to the previous three years, 2023 has returned most companies to something more closely resembling business as usual. However, there are still a number of challenges that companies – and their legal departments, in particular – are facing in the current business environment.
In the wake of the global pandemic, the three trends we write about here continue to impact the way legal departments operate and the priorities their organizations set for them. As a result of these forces, law departments are working to optimize performance by increasing productivity and reducing costs. Understanding these factors is essential to having a successful 2023.
Trend 1: The Great Resignation
While the number of people voluntarily leaving their jobs may now be on the downslope, the Great Resignation is still having an impact on many legal departments. The phenomenon has increased the pressure on legal ops teams to maintain staffing levels and employee satisfaction. With attorneys now seeking better work-life balance and more meaningful employment opportunities, legal departments are looking for ways to attract and retain talent, including solutions that will free up staff for the highest-value work.
One of the most serious challenges is addressing the reality that as employees leave, institutional knowledge walks out the door with them. To cope, legal ops teams need new ways to capture the knowledge once held by employees and codify it. Comprehensive matter management and e-billing can help corporate legal departments focus on more strategic work, especially when delivered via the software as a service (SaaS) model. These SaaS solutions can:
- Reduce the need for staff to rekey data and search for information
- Make it easier to manage matters handled both by staff and by outside counsel
- Become the single source of truth, averting version-control issues
Trend 2: Remote and hybrid work
The rise of remote work and hybrid schedules adds a layer of complexity to collaboration and management. Fortunately, technology is making it easier for dispersed colleagues to work together. SaaS solutions are a natural fit for asynchronous, dispersed teams because they:
- Give everyone access to the most up-to-date information in real time
- Standardize processes
- Automate systems to remove employee bottlenecks
- Make it easier for employees to be productive wherever they choose to work
- Facilitate collaboration, helping prevent miscommunication and wasted effort
- Centralize legal ops to minimize the impact of time zones and physical distance
Trend 3: Inflation
Inflation has hit every sector of the economy. For legal ops, rising rates for outside counsel are a real concern. A matter management and e-billing solution has become necessary for any legal department seeking to closely manage timekeeper rates and control costs.
With robust reporting capabilities, SaaS matter management provides the insight to efficiently manage outside counsel. Real-time visibility allows for careful tracking of legal spend and close monitoring of key performance indicators. With easily accessible data, legal teams can choose the right firm for the job and optimize outcomes without overspending. In addition, automation can catch billing errors and enforce compliance with outside counsel billing guidelines.
SaaS e-billing and matter management
Legal departments are caught in the perfect storm of lower workforce participation, higher prices, and hybrid offices. Fortunately, matter management and e-billing solutions are available to help legal ops teams streamline workflow, improve performance, and increase employee satisfaction. A SaaS solution can expand the organization’s capabilities with automated checks and balances, reminders, and reporting. With the administrative burden alleviated, staff members can add more strategic business value.
Compared to do-it-yourself tools, an e-billing and matter management solution can save on IT costs, as well as attorney hours. Maximize savings on system support by choosing an end-to-end SaaS solution that includes implementation, maintenance, hosting, and security. Learn more about how Wolters Kluwer helps legal departments navigate their challenges with the TyMetrix 360˚ SaaS e-billing and matter management solution.
