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Unleash the power of data and optimize your legal spend

Legal Tracker Advanced enhances the benchmarking and metrics abilities of Legal Tracker by using AI to give legal teams the boost they need to reduce costs, track matter information, and optimize spending for better outcomes

While a volatile economy and changing regulations are putting more and more pressure on legal teams, many are asked to do more work with less resources or to rely on outside counsel.

A Thomson Reuters report found that controlling outside counsel costs is a "high-priority" for 84% of legal departments.

Many are increasingly relying on legal technology to help them get a handle on budgets and improve their performance overall.

Upgrading to the latest technology can give you and your teams the AI-powered boost they need to reduce costs. You’ll also be able to accelerate impact and stand at the forefront of business innovation.

One Thomson Reuters report found that 72% of law firms see AI as “a force for good.” Another proved that 58% of legal professionals are optimistic about AI in their industry.

When you choose the right tools for the job, you can expect to:

  • Spend less
    Current AI tools combine competitive intelligence with predictive spend analytics, helping identify ideal legal partners and negotiate favorable rates based on metrics, expertise, and pricing data. 
  • Work smarter
    A secure online platform simplifies collaboration across external counsel and internal stakeholders with centralized information sharing and automates tasks like rate reviews to help free up time for the work that really matters to the business. 
  • Look ahead
    AI-powered analytics improve anomaly detection and risk identification. This helps legal teams avoid potential issues before they arise, helping even smaller departments future-proof their operations more efficiently. 

Why Volkswagen uses the latest legal technology

A case study on Volkswagen shows just how much of a difference upgrading to current legal technology can make. This company’s legal departments used to review increased rates from its law firms manually. When they started asking their law firms to submit their increases through an online tracker, they saw an immediate boost in efficiency. They also:

  • Shaved weeks off legal operations time with increased automation that streamlined workflows 
  • Achieved more accurate, industry-wide benchmarking using data analytics  
  • Cut costs with Compound Annual Growth Rate (CAGR) metric and cost impact modeling  
  • Improved decision-making with data-driven governance and logic to increase consistency 

Volkswagen’s law firms also benefitted from this change. Susan Vargas, Partner at King and Spalding LLP said: “We recognize that, in this economy, many clients are facing challenging headwinds. We are glad to talk about goals and metrics to strengthen our relationship in mutually beneficial ways. And we welcome informative data to help us do that.” 

Lift up your legal team

If you want to reduce your admin burden while getting the data-driven insights needed to make smarter spending decisions, current technology is key. 

Thomson Reuters Legal Tracker Advanced is a top choice for legal teams, leveraging trusted data analytics and AI-powered insights to provide next-level performance in legal spend management. You’ll: 

  • Unlock real-time visibility into legal spending
  • Identify hidden costs and optimize fee structures
  • Make informed decisions to drive cost savings and improve efficiency 
Proactively power the matters that matter most

Get the generative AI-driven insights needed to address key business questions and keep teams informed with a Westlaw and Practical Law subscription from Thomson Reuters, now enhanced by CoCounsel 2.0

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