Legal work is on the cusp of a major transformation, thanks to the integration of advanced generative artificial intelligence technologies. Legal Tracker, the global leader in spend management solutions for in-house legal departments, is setting new standards for efficiency and productivity in legal departments. Here’s how the GenAI capabilities of Legal Tracker and Legal Tracker Advanced are helping other departments reshape the landscape of legal operations and how you may be able to do the same for your company.
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| What is Legal Tracker Advanced? |
| AI-driven matter intake |
| Invoice management enhanced by AI |
| Compliance and billing efficiency |
| Technological expertise extends beyond AI |
| The power of Legal Tracker Advanced |
| Conclusion |
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What is Legal Tracker Advanced?
Thomson Reuters® Legal Tracker provides world-class spend and matter management, including powerful analytics and unrivaled benchmarking tools, to help legal departments understand, control, and reduce their spending while increasing efficiency. Legal Tracker is a solution built by legal operations experts for legal operations experts and rated as the #1 spend and matter management system globally. In fact, 164 of the Fortune 500 and 343 of the Fortune 1000 are already using Legal Tracker to take complete control of their entire legal landscape, making it the most widely used system of its kind. It’s not just a tool to manage outside counsel spending; it’s a comprehensive solution designed to seamlessly integrate with essential enterprise platforms like Microsoft Outlook and Microsoft Teams. Legal Tracker has been using AI-powered innovations for more than a decade and is a leader in technological innovation for spend management.
Legal Tracker Advanced adds even more functionality and analytics to Legal Tracker, providing analytics and insights that give you a deeper understanding of your legal spend and allow you to act decisively and quickly based on your data. Consolidated dashboards provide stronger internal and external benchmarking to see the impact of proposed rate increases in real time. Enhanced workflow tools allow users to form proactive strategies for managing rate requests – including powerful automation tools to auto-accept or reject and freeze rates.
By using AI natural language data processing models, Legal Tracker can systematically catch billing violations that previously could only have been caught with time-consuming manual review, enforcing billing guideline compliance and providing opportunities for even greater reduction of outside counsel costs.
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AI-driven matter intake
Your department’s legal requests probably come through Outlook and Teams – so your spend and matter management system needs to closely integrate there. Using CoCounsel for Microsoft Outlook, which directly feeds into Legal Tracker, powerful GenAI models based on deep legal experience automatically handle sophisticated scanning, evaluating, and routing of legal requests. So, no request goes unnoticed, and all necessary instructions are included right from the start. By automating these initial steps, legal professionals can dedicate more time to substantive legal work rather than administrative tasks.
Invoice management enhanced by AI
One of the standout features of Legal Tracker is its ability to transform the invoice management process. The AI-driven system automatically converts non-LEDES invoices to LEDES format, ensuring consistency and compliance with billing guidelines. Furthermore, it detects duplicate line items and flags excessive timekeeper hours, thereby preventing billing errors and promoting financial integrity.
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Compliance and billing efficiency
The AI in Legal Tracker also significantly enhances compliance and billing processes. It improves the audit efficiencies of block billing, a common yet often criticized billing practice. By ensuring that billing practices meet stringent standards, Legal Tracker helps legal departments maintain their credibility and avoid disputes over billing.
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Technological expertise extends beyond AI
Legal Tracker optimizes your enterprise legal workflows with an industry-leading array of APIs to integrate into your existing software infrastructure. If major legal departments use a software package, Legal Tracker probably integrates with it.
And that expertise is wrapped in enterprise-grade data support and protection, aligned to the strict global security and privacy standards of the world’s biggest banks, security, and defense contractors. Legal Tracker maintains SOC, SOC2, GDPR, and HIPAA compliance, runs Veracode Security scans, updates security libraries monthly, and runs annual penetration tests. To further protect your data, Legal Tracker has a wide choice of global data centers, including US, UK, Germany, Canada, and Australia.
The power of Legal Tracker Advanced
Legal Tracker Advanced gives budget-stressed legal departments a set of powerful additional tools to understand, manage, and optimize their spend. Consolidated dashboards provide stronger internal and external benchmarking, as well as powerful reporting capabilities for the department and to your C-Suite. Matter pricing and RFPs allow legal departments to enhance their competitive advantage and get the work they need at the right price, supported by the market’s top corporate spend data library. Spend analytics powered by Westlaw help you better manage litigation expectations by leveraging data-driven insights on attorneys, law firms, courts, and judges.
Conclusion
The spend management power of Legal Tracker Advanced is revolutionizing legal operations by automating routine tasks, ensuring compliance on rates, delivering data-driven spend insights, and turning spend reporting into a powerful management tool. As legal departments continue to face increasing pressures, the efficiencies brought about by GenAI and other spend management technologies are not just beneficial; they are essential. Legal Tracker and Legal Tracker Advanced are at the forefront of this revolution, proving that AI-driven technologies can significantly impact the legal industry’s future.
Sign up for a demo of Legal Tracker Advanced today – and see how your department can benefit.
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