What is Matter Management?
As legal teams adjust to working in an ever-changing corporate environment and battle to manage all-increasing matters and contracts workload, an efficient matter management software platform has become a vital tool for today’s modern corporate legal operations departments to operate efficiently.
What is matter management?
Matter management refers to all internal and external activities involved in managing corporate legal practice. Matter management includes everything from issue management, contract lifecycle management, knowledge management, outside counsel management and reporting on a legal team’s performance inside a corporate in-house legal team. It’s distinct from legal case management or legal practice management, which are law firm-specific activities, as it tends to be more comprehensive than legal case management, encompassing a wider range of activities which relate to an in-house legal team’s practice.
A streamlined approach to matter management significantly increases the efficiency of a legal team and frees employees to use their talents on more engaging work.
What value does matter management software have to in-house legal teams?
Matter management software is the cornerstone of an in-house legal team’s successful matter management. Matter management software acts as the system of record for all relating matters, contracts and documents in the organisation. A matter management software system enables the review, storage, management and delegation of matters within a legal team and organisation.
Importantly, matter management software also tracks key operational data points, converting those into quantifiable metrics which enable legal teams to streamline their activities even further.
Recently PwC highlighted in their June 2020 Legal department metrics paper …
“legal departments can be quantifiably measured” but in order to do so, metrics in legal departments “must be presented in a compelling and user-friendly way”, concluding on the importance of dashboards which must “tell a story of past performance, highlight measurements and trends that provide insight, and most importantly aid the decision-making process”.
Ensure your matter management software platform delivers these benefits
An efficient matter management software should offer value to its users in the following manner:
- Enhanced collaboration – enabling your team to share and efficiently complete work
- Increased visibility – reporting on risk, effectiveness and efficiency, a view on department workload
- Cost savings – It should enable better management of external spend.
- Effective matter delegation – the effective triage of matters as they’re opened or arise
- Performance insights – an organisational measurement of key legal performance indicators and metrics
- Increased security – the matter management software meets industry standards
1. Enhanced collaboration
It’s important in-house legal teams are able to collaborate on matters by assigning ownership, co-ownership or adjusting statuses to “waiting on” enabling an assigned person on a matter to receive notification(s) of outstanding matters or work.
2. Increased visibility
Any matter management system should offer “out of the box” reporting as well as further optional customization of insights and reporting specific to the organization. Out of the box reporting can surface views on risk, workload efficiently such as how long a matter has been waiting or how many urgent matters are at hand.
3. Cost savings
All modern in-house legal teams are shifting from a cost-centric to a value-generating function. The matter management software you select should enable your team to better manage external counsel spend and enable seamless sharing of knowledge. If business users can’t self-serve, the matter management software should enable your team to leverage workflows to appropriately and automatically triage matters as they arise.
4. Effective matter issue delegation
Assigning new matter owners and triaging matters should be a task of the past with matter management software. The automation of triaging matters, setting rules and ensuring that as new matters arise they are assigned to relevant legal team members in a timely manner will ensure faster resolution times for your client.
5. Performance Insights
Legal teams are now making more data-driven decisions to enable them to operate more efficiently. Any professional matter management software platform should be able to be configured to deliver data-rich reporting and analytics on custom attributes for each company.
6. Increased security
Lastly, matter management software should meet ISO27001 and SOC2 security standards. These standards ensure you can operate comfortably knowing your data and client data will be safely and securely stored. You can read more on the safety standards LawVu aligns to here.