How has legal matter management (LMM) become so important, so widely, and that quickly? Well, the answer is quite simple. A company deals with multiple legal challenges each day.
Try to sit and have a chat with the legal head of your company. We bet you a hundred bucks you’d find out about multiple new legal issues coming up every year.
Moreover, you will find that these issues are not just external. So, lawsuits from competitors and legal compliance don’t cut it. Additionally, there are internal challenges too.
So, only after we find a solution successful revenue generation is possible.
For this, organizations have in-house corporate legal heads. But will that suffice?
A good leader recognizes the importance of good management. Stressing employee output or carrying out management manually isn’t simply enough anymore. That is why we bring in the big guns, aka. matter management.
2023 To 2024 Transition: The Digital Year
So, getting back to it. Your company could hugely benefit from automation through legal matter management software. Through it, you can control a matter’s lifecycle.
Moreover, a legal team usually needs a central source of management. This software is your chance to smoothly open matters, manage the workflow, and gather reports.
Therefore, et us find out more about what matter management is.
What Is Legal Matter Management System?
Legal matter management (LMM) is a systematic method that legal departments, lawyers, outside counsels, and law firms use.
Even organizations use the LLM system to handle and oversee the legal operations in an organization. Legal issues include cases, issues, or other matters.
It involves the structured management of legal tasks, documents, resources, and information related to legal affairs to ensure efficient and successful handling of legal issues.
Therefore, matter management is all about managing the main practices of the corporate legal sector. However, it is different from case management which only handles the activities of a law firm.
What Does A Legal Matter Management Software Do?
From the previous section, we know what LMM is. Thus, LMM software effectively provides a solution to matter management issues. Moreover, good LMM software will give solutions for all corporate legal issues.
- Legal disputes. These may lead to litigation.
- Contractual issues.
- Transactional issues.
- Intellectual Property issues.
- Technology law issues.
- Cybersecurity issues (The kind that may require an identity theft lawyer.)
- Research related to corporate laws.
Lastly, overall governance.
Therefore, you can depend on this software for complete legal compliance. You can think of it as matter management software for legal departments in a company.
Why Are Legal Teams Flocking Towards Matter Management?
The answer to this is simple. They want a centralized and automated approach. It makes the process easier and more streamlined. It is a “One for all, all for One” approach.
Do You Need Matter Management? What Does It Do?
Now let’s explore what benefits Legal-matter Management brings over the “traditional” approaches.
Legal-matter management does the following tasks for a company.
a. Tracking Legal Cases
A legal-management software will keep track of ongoing legal cases. It will record and display their status, upcoming deadlines, and more. You can use it to stay updated on court appearances and even case victories.
b. Accuracy In Document Management
The software organizes and manages legal documents. For example, contracts, court filings, evidence, and more. Additionally, it maintains a neat and easy structure.
c. Tracking Of Tasks And Assignments
Human beings may be forgetful. However, the software remembers it all. You can use it for assigning specific tasks to legal teams. Moreover, you can even monitor their progress to ensure completion.
d. Managing Your Calendar
The software managers all your calendars and schedules. Since it is legal software, it will keep track of your court dates and hearings filings. Additionally, it will ensure that you meet deadlines.
e. Allocation Of Resources
Managing a company is not possible without resource allocation. This software allows you to keep your actions according to your budget. Thus, you will only hire staff, outside councils or Technology support according to your financial limits.
f. Collaboration And In House Communication.
This software will ensure that all activities happen after proper communication. Therefore, it will allow different departments, teams and clients to collaborate on legal matters.
g. Management Of Risk
Running a corporation is no joke. It involves risks that you need to take every day. This software will make sure that these risks stay within regulatory compliance. After all, ethical standards are important for a good reputation.
h. Report And Result Analysis
At the end of each quarter or year, it will give you reports on the data it collects. It will also contain an analysis of All legal matters and expenses that came with it. Therefore, you can go through it and plan the decisions for your next quarter accordingly.
Thus, these are the functions and benefits you get when using the legal-matter management system.
Legal matter management systems are like super helpful tools for handling legal stuff in companies. They make everything smoother and more accurate.
They help you stay organized, work faster, and find things easily. These systems are your go-to assistants for managing legal things in your company.
Imagine having one place where all legal info is stored, and everyone can work together easily. That’s what these systems do! Therefore, they make it simple to follow the rules and laws.
The people who made these systems wanted to make legal work in companies better. They aimed to make things faster and safer and reduce problems.
So, if you want to handle legal things in your company smoothly, try using this software. It’s efficient, accurate, and keeps everything in line with the rules.