Legal spend management is a foundational building block of any enterprise legal management strategy. Leading legal departments use technology to reduce legal spend, control costs, and forecast a budget.
Take control of your spend management
Corporate legal departments are being squeezed on all sides as they face exposure to greater legal risks and more complex and global matters than ever before — and they are doing so with flat budgets.
Legal departments must become more effective managers of their budget and staff time, which requires robust data, valuable metrics, and effective analysis. Technology can help stretch a legal department’s spend by providing data beyond hourly rates and discounts to inform decision making that creates a competitive advantage. Legal spend management tools from Thomson Reuters can provide legal departments with invoice automation, auditing, artificial intelligence-enabled reporting, and dashboards to make proactive, data-driven decisions around spend allocation.
With Thomson Reuters solutions, your department can leverage best practices and insights to optimize and predict outside legal spend.
Proactively manage your legal spend
Legal departments need tools to help automate processes and control outside costs.
Automate the billing process
From invoice submission to processing payments, the billing workflow is a highly time-consuming, manual process, causing departments to be slow with payment turnarounds. With spend management tools, you can save time and money with automated reviews and approvals of invoice workflows. All while being confident that the work complies with outside counsel billing guidelines.
Strategically make decisions
With all the deciding factors to consider, it can be very stressful to select a firm to use for outside counsel needs. From pricing negotiation to matter pricing, organizations need experience or industry knowledge to understand they are choosing the right firm for the right price. Instant dashboard comparison of rates, industry benchmarks, and historical comparisons will help your department quickly find the most qualified firm for your legal matters that also fit within your budget.
Legal departments spend too much time focusing on low-priority tasks due to the manual processes put in place. The combination of tracking information in emails and spreadsheets detracts time from doing legal work that impacts the business. Implementing streamlined processes with established guidelines and reporting dashboards will allow your department to quickly capture critical matter data while freeing up time to focus on the larger tasks at hand.
Increase productivity and reduce legal spend
Legal departments use spend management solutions from Thomson Reuters to create spending strategies that achieve sustainable savings for years to come.
Featured insights on spend management
Understand the powerful impact spend management tools can have on your department.
Learn how Legal Tracker can help with spend management
Take control of your legal spend with marketing-leading tools and analytics
How can Thomson Reuters spend management solutions help your department start saving on legal costs from day one?
5%–15%Corporate legal departments save an average of 5% to 15% on outside counsel spend in the first year with the system
$95B+of legal spend in our system’s benchmarking database
118,000legal vendors make up the largest firm database with outside counsel scorecards
100+best practices and real-time reports and charts
“Now we have a single workflow, one process, one route to get timekeeper rates approved and data captured…With very little impact on people’s day to day lives, we get amazing results!”
Request a free demo
See how Legal Tracker can help you simplify matter management, save resources for legal operations, and reduce your department's legal spend. Request a free demonstration today.