According to The Legal Executive Institute's 2018 State of Corporate Law Departments: Innovation, Data and Collaboration Drive Optimal Results, one goal of a modern and proactive corporate legal team should be “to maximize shareholder value by driving up the effectiveness and efficiency of legal input to maximum return.”
One way corporate legal teams can provide a maximum return is to take on the responsibility of being strategic business advisors. Unfortunately, taking on these additional responsibilities is causing a resource crunch, forcing teams to run their legal function as a business. Some legal teams have turned to point solutions like Trello, Dropbox or Google Apps to meet their immediate needs.
However, forward-thinking teams are moving to a legal hub to help them power their business more effectively.
Point Solutions (Solving One Problem at a Time)
Point solutions are created to solve a specific problem (i.e. file sharing). The benefit of a point solution is it can be deployed quickly. It may be purchased to improve process efficiency, reduce costs and manage projects. However, point solutions have some drawbacks:
- Since these applications do not share information with other apps, they create information silos. For example, your project management tools don’t share project information with any other tools. This requires duplicating data entry across multiple systems.
- Using a variety of point solutions can increase your security risks. If one of several point solution vendors is hacked, it could expose your entire company to a security breach.
- They typically only provide value to a single department instead of helping multiple departments collaborate in real-time.
Some companies pick a point solution because technology resources and budgets are tight and they need a “quick fix.” These factors often lead to knee-jerk software selections. Ultimately, these quick decisions result in several software purchases made without consideration of other departments.
The lack of interoperability between point solutions makes way for more purchases to fill the void. The irony is, teams will probably spend more with multiple point solutions trying to save money than they would by purchasing a single platform solution.
Moving to a Legal Hub
Platform solutions provide multiple legal and business solutions within a unified user experience. Because they share data, they have the ability to adapt and optimize existing workflows. And as the business grows, they make it easier to scale.
Teams can easily get the advantages of a platform solution using a legal hub. A legal hub combines several tools and resources and offers the opportunity to optimize effectiveness and improve performance over time.
A legal hub provides:
- Improved collaboration. Traditional legal teams have relied on tracking using documents and spreadsheets. This cumbersome method of tracking does not accommodate for growth. Instead, legal teams need to be able to access information in real time from a unified data source.
- Improved efficiency. A legal hub allows a legal team to monitor cases and make sure they move forward. It ensures all critical client and case information is captured and stored in a secure location.
- More time to add value. Becoming trusted business advisors allows corporate legal teams to add value to the business. In order to have time for these extended roles, legal teams need to improve efficiency by using a legal hub.
- Risk management. Legal teams have been offering document sharing with clients for a while. However, this information must be managed by the team. By using a legal hub, the legal team has better control over shared information and can reduce risk.
Allow your corporate legal team to spend more time practicing law and providing value with Amicus Attorney. This legal hub provides a unified user experience that allows your corporate legal team to adapt and optimize your existing workflow as your business grows. You’ll be able to access all your matters, automate important documents, and keep your data safe from cyber threats.