Which Software Can Help Reduce Your In-house Legal Costs?
They say time is money, so it’s no wonder that companies around the world are turning to technology to aid with administrative tasks.
Legal costs can quickly add up, so why not utilise modern software to help reduce in-house legal costs?
A recent Law Society report suggested that technology is the biggest driver of change across the legal sector, helping businesses dramatically reduce their spending, so here we explore the tools designed for reducing in-house legal costs.
According to a 2016 report from Eversheds and Winmark, which measured the views of over 200 senior in-house legal leaders, 87% of participants said they wanted to use technology to improve information storage.
Well, it doesn’t get much better than digital dictation! Also known as voice recognition, this modern AI technology is thought to be three times faster than typing, making daily tasks much more efficient. \
There are plenty of digital dictation apps available, such as Lexacom, which let you create professional documents simply by speaking into your mobile device. These apps also allow you to take note of ideas, track projects and annotate paperwork. Imagine how much time you could save!
The Apperio app is considered one of the greatest tools for lawyers and could easily assist with reducing in-house legal costs!
This super smart app enables you to track and analyse legal spend in real-time, all in one place, so you know exactly what you have left in the kitty.
With this software, you’ll avoid surprise bills, since it allows you to view fees as soon as they are incurred. The app also promises to help with cost saving, by allowing you to allocate legal spend in an intelligent and timely manner.
Can you afford not to have this app?
A simple piece of software, CamScanner lets you scan documents with your mobile phone and quickly turn them into PDFs, so you can work on the move. The app also allows you to add watermarks and handwritten annotations, so your documents will remain professional. You can also easily export your files and sync them to the cloud, so you can keep up to date while working away from the office.
Amazingly, the app’s optical character recognition feature can also extract text from images, so you’ll never need to type anything up again!
The Eversheds and Winmark report also showed that 61% of senior legal leaders want to automate work in order to save time and money, which is where software like Bigle Legal comes in.
This powerful document automation platform is an end-to-end solution allows you to create professional, error-free legal documents and contracts 20 times faster.
The intuitive analytics system enables you to view contracts in real-time and updates your contracts according to the changes in normatives. Thus, you don’t need to waste energy trawling through the paperwork. Besides, it includes digital signatures, which significantly improves customer service.
Reduce errors, increase productivity and cut down on wasted office hours, helping with reducing in-house legal costs for your team.
Livescribe is definitely one of the most impressive AI systems around, with its smartpen capturing handwriting and sending it to mobile devices as digital, searchable text.
The perfect way to save time and work on-the-go, Livescribe allows you to write on paper and instantly see your workings on screen, automatically updating to your cloud connections, such as Dropbox, in order to store your ideas quickly and safely.
You can also easily share your documents as PDFs, saving bags of time - and money!
Due Diligence - DealRoom and Drooms
Due diligence can be a time consuming and expensive task, especially in the law sector! Luckily though there are plenty of tools out there to ease this burden and simultaneously help reduce in-house legal costs!
DealRoom, for example, is due diligence management software, designed to secure files and documents, aid with communication and task assignment and simplify complex due diligence processes.
Another fantastic tool is Drooms, a virtual data room there to aid with document management and help you carry out your due diligence practices in a structured and straightforward way!
With Trello you can prioritise and manage all of your projects in one place. This fantastic platform could be the key to reducing in-house legal costs for your business!
Basically, Trello is an organisation app where you can store, browse and assign tasks and projects, alleviating the amount of time you spend on delegation and helping you keep track of your workload.
What better way to save money than by turning your tasks digital?
The SimpleLegal platform is set to revolutionise the legal operations market. This smart e-billing and spend management software allows you to control how your legal teams manage invoices and budgets, as well as predicting costs, taking the headache out of spending.
The innovative application also offers reporting and analytics, as well as time tracking, so you can spend less time on accounting and more time on legal matters!
Plus, 59% of those interviewed for the Eversheds and Winmark study said they find it difficult to integrate new technology with existing systems, but SimpleLegal has made this a priority.