Top Challenges for Today’s Corporate Legal Departments
If your legal department is like most, you’re feeling the pinch of lean budgets in a sluggish global economy. As a result, your attorneys may be wrestling with:
- Too much “bog-down”
Many legal departments seek to contain costs by funneling more low-value work to their in-house attorneys. This leaves attorneys little bandwidth to focus on the high-value work they should be doing.
- Low morale
Attorneys who spend long hours on tedious tasks, such as data entry, will experience lower job satisfaction and present your company with a retention risk.
- A contract backlog
Today’s increasingly complex business environment is generating a greater volume of work for corporate attorneys – leading to longer turnaround times and lower end-user satisfaction.
- Lack of visibility into the contract process
A lack of centralized control over contracts can expose companies to a wide variety of risks.
- Difficulty mitigating risk
Frustrated and overworked attorneys are more prone to missing problematic items in contracts.
Increasing Productivity of In-House Attorneys
Despite these challenges, your company still expects you to provide the same quality of service – or higher – at a lower unit cost. And due to the typically high hourly fees charged by third-party law firms, outsourcing is not an option for many companies. That leaves you with one choice: getting more work out of your in-house resources.
But how can you increase the output of attorneys who are already overworked? Focus on optimizing processes.
Automate Best Practices for a More Efficient Legal Department
For most corporate legal departments, an inefficient contract management lifecycle steals valuable bandwidth from in-house attorneys. It increases the need to field calls and emails from end users. It creates extra data entry work for attorneys. It forces attorneys to spend valuable time hunting down missing information in contract requests.
By optimizing your entire contract management lifecycle, you can minimize this low-value work, allowing your attorneys to focus on strategic contract-related and non-contract related tasks. You can:
- Regain attorney bandwidth.
- Save time and money.
- Reduce corporate exposure to risk.
- Increase end-user satisfaction.
- Free up attorneys to spend more time on high-value work.
Fixing your legal processes begins with implementing best practices. Focus on standardizing your processes so that they run the same way every time – and then automate them with a technology solution that’s tailored to the way your legal department works. Elegrity can help with contact management services aimed specifically at corporate legal environments.