4 New Year’s Resolutions for Corporate Legal and Insurance Claims DepartmentsPosted by admin on January 19, 2012
With 2012 in swing, you have likely already made your personal New Year’s resolutions. A recent study found that people are ten times more likely to obtain their goals than people who don’t make resolutions. If the same holds true for business, we suggest -- better late than never -- you get those resolutions in place now.
Here are four resolutions you can make for 2012:
1. Simplify Matter Management
When you have numerous legal teams working on a case, managing the workflow can become a nightmare. Hunting down information, keeping everyone in the loop, and assigning tasks can eat up valuable time and result in costly errors or miscommunication. Our first recommended resolution, therefore, is to simplify matter management with legal matter management solutions that will allow all team members to track activity by specific practice area and matter type; ensure consistent and accurate matter details with data entry validation; access audit trails to provide a complete picture of matter additions and edits; and control access to sensitive data with permission–driven data fields.
2. Commit to E-Billing
One of the most significant ways to reduce your legal costs is with automated billing enforcement and validation offered by an electronic legal billing solution. With legal e-billing, you can save up to 10% annually on legal costs and improve compliance. Before you jump into a solution, look for one that is specifically designed to automatically validate invoice formats, law firms and legal support vendor and matter assignments; immediately targets undesirable billing practices; creates rules to flag violations and tag for review; and instantly rejects duplicate invoices.
3. Collaborate Better
Knowledge can only bring power to an organization if it is actually shared. Resolve to make knowledge sharing easier with legal collaboration databases specifically designed for corporate legal and insurance claims departments. Look for a tool that offers threaded conference rooms to relay important legal outcomes; exposes hidden resources; provides access to expert witness databases; facilitates document management; enables faster reporting; and allows for calendaring tools that can be shared across teams.
4. Get Those Vendor Expenses Under Control
Legal support vendor expenses often go unnoticed since they represent a less significant percentage of your total legal spend. But remember that every dollar saved is a dollar that goes straight to the bottom line. Just as your e-billing system will help you find errors and create flagging rules for your law firms, the same process can apply to legal vendors. Resolve to reduce vendor expenses with Acuity’s VendorConnect. With VendorConnect, legal support vendors can process their invoices electronically using Acuity task codes designed specifically for their individual services to ensure compliance with rates quoted while streamlining the invoice process for you, your vendors, and your law firms. This granular transparency also allows you to report on your vendor expenses to see where you can find further cost savings and better manage your legal support vendors.
Accomplish all four resolutions with a single legal management tool:
Acuity’s legal practice management solutions are specifically designed to improve how your legal and insurance claims departments work. Reducing expenses, improving communication and knowledge sharing, and streamlining your billing processes will lead to measurable improvements in profitability and productivity of your department. And we all know how great it feels to keep those resolutions.
To learn more about Acuity’s legal management solutions, request a meeting.