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Can Using an ELM software Help Predict Legal Spend Accurately?

by PracticeLeague

An Enterprise Legal Management (ELM) software provides lawyers with a great platform to compile and analyze expenses, claims, contingent liability, lawyer fees, court fees, and other payables, which help in creating an accurate budget for each matter and for your department in whole..

Having such relevant information placed out in front of you along with a detailed analysis can be of great help in provisioning the required funds as well as adhering to the budget.

If you are investing in an Enterprise Legal Management (ELM) software, then make sure it helps you with the following:

Provides access to historical data

Knowing what has happened earlier in each matter will help you make better predictions. Having easy access to relevant data different types of matters, closed matters and their outcome, claims of open matters and their court dates, past expenses, contingent liability schedule, list of empaneled law firms and their rates, etc.is of big importance, as it will give you the ability to create your budget keeping in mind what has worked before and what hasn’t.

Brings clarity

If you’re wondering why this year’s legal spend has exceeded the set budget, then having a look at this data and analyzing it will allow you to figure out where you can cut costs and where more funds are needed.

Analysis

Having a system that proactively analyzes these differences and provides an outline of your previous years’ spend in comparison to the present year , leads to a more accurate prediction and leaves zero scope for errors. Plus, it reduces a lot strain on your resources as you don’t have to do it manually.

An ELM software should be efficient and easy to use, allowing you to reduce uncertainty and manual efforts.

For a good Enterprise Legal Management (ELM) software, contact PracticeLeague now and find out how they can help you.

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