“It's absolutely vital that the legal team is connected to the business. You’re really supposed to be rowing in the same direction as the business, which means that your goals are inextricably wound up in the success of the company.”
JusIn the context of an in-house legal department, legal spend is simply the total outgoing cost of running your department - internally and externally. Legal spend management is the way that you keep track of, and control these costs, manage resources, and analyze trends. It typically consists of three components - invoice management (including e-billing), management of outside counsel spend (including RFPs and tracking WIP) and legal spend reporting. Legal spend management software helps teams organize and digitize information, improve workflows and get data with with to make more informed decisions and analyze trends and budgets.
LawVu spend management with e-billing is a comprehensive solution designed for in-house legal teams and outside counsel external law firms.
By seamlessly integrating with LawVu matters and contracts, LawVu spend management provides a holistic platform for effective engagement and collaboration with outside counsel. It also allows for easy upload and digitization of law firm invoices, ensuring a streamlined and efficient billing process. With LawVu spend management, legal teams can enhance their interactions with external counsel while efficiently managing the financial aspects of their legal operations.
Unlike solutions that charge based on spend, or require complex implementations, LawVu’s model means you won’t have to worry about unpredictable pricing or limited return-on-investment.
Managing invoices in LawVu is secure, flexible, and efficient. There are three ways to get your invoices into LawVu:
For even more efficiency, you can take advantage of LawVu’s AI-powered invoice extraction which allows you to create faster, more efficient workflows to manage spend all while gaining reliable data that provides visibility into all of legal’s work. Learn more about LawVu’s AI capabilities here.
Collaborating more efficiently with your outside counsel is a core tenant of LawVu’s spend management capabilities. With LawVu, you’ll start every engagement with alignment to avoid surprises and build better relationships. And with flexible levels of access, you’re always in control of what your outside counsel can and can’t access within your LawVu account.
Ditch the chaos of email and have a single, secure source of truth where you can manage the important work you do with outside counsel.
Yes, LawVu spend management is incredibly valuable to in-house legal teams even without invoice management. With LawVu spend management, you’ll reduce expensive admin overhead by managing outside counsel conversations, documents, and status updates all within the same legal workspace.
With consolidated data in one place, you can stop switching between systems and instead be able to answer key questions faster and generate actionable reports on-demand.
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