Save over €93,000 per year by introducing the right Enterprise Legal Management solution
Nowadays, legal counsel must look for tools to manage the ever-increasing mass of digital information and need to use it efficiently. At the same time, legal teams need to improve the speed of delivering services to the business, mitigate risks and prove compliance to a multitude of regulations.
Fortunately, nowadays there is a massive supply of Legal Tech ready to be implemented. Many of these solutions are based on advanced techniques such as artificial intelligence. This all sounds interesting, right? However, we also know that it takes some time and effort to find a solid legal tech tool that suits your company.
Have you ever considered the financial return that the use of a legal tech tool can offer you? Here’s a quick overview...
Reduce current inefficiencies by 25% to 50%
Without the right Enterprise Legal Management (ELM) solution, a team of 10 legal counsel will face each week an efficiency loss of (°):
- 75 hours of searching and not finding
- 20 hours of storing documents and e-mails in the right location or the right legal matter
- 30 hours of chasing business colleagues for approvals or missing information
- 75 hours of re-inventing previous answers and advice
- at least one missed deadline regarding an expiration date of an average contract of €15,000
- 12 hours of work delegated to external lawyers that could have been avoided, or €3,000.
The right Enterprise Legal Management solution can easily reduce these inefficiencies by 25% to 50% and more.
(°) based on research by Delphi Consult, CIO.com, Gartner, Forrester Research, awv-net.de.
Choose the right way-of-working for your legal department
Depending on the various tasks within your role as a legal professional, you expect specific benefits and features when integrating an Enterprise Legal Management Solution. There are different approaches, each with their own characteristics. We have listed them for you:
Your Legal Tech solution? Knowliah for Legal Teams
Are you looking for a legal tech tool that includes all the benefits and features that you have in mind? It may almost sound too good to be true, but let us introduce you to Knowliah for Legal Teams: a smart, simple and secure Enterprise Legal Management platform.
Knowliah for Legal Teams offers you an effortless, fast and secure experience in classification and search. This AI-based platform smoothly integrates into your way-of-working. Especially in the following domains, Knowliah for Legal Teams offers a significant added value:
- Matter & Entity Management
- Document Management and E-mail auto-archiving
- Enterprise Search and Knowledge Management
- Contract Creation and Contract Lifecycle Management
True cooperation between Legal and Business forever and ever? We say yes! Knowliah for Legal Teams orchestrates the marriage between the legal department and the other business departments, through good and bad times.
An average profit of at least €93,000 per year
By introducing the right Enterprise Legal Management Solution, a legal team can save at least €93,000 per year.
Keep in mind that these calculations are based on 10 legal professionals at an average cost of €418 per day. In a team of 10 legal counsel, a saving of up to €200,000 per year is no exception. Even if we take a more conservative look at figures, spending and costs. For example, when supposing:
- an extra risk related to costs, resulting in 50% more costs
- an extra risk related to savings, resulting in only 50% of the savings,
you will always save at least €93,000 per year by implementing Knowliah for Legal Teams.
Did you know that for each month of waiting to start with the right ELM tool, you are missing an opportunity to save €7,824?
For an entire year, this means a significant additional average profit of €93,000 to €200,000 and more.
Today, there are no departments using another legal tech provider than Knowliah, where the legal tech tool involves such a beneficial ROI.
Interested in saving at least €93,000 per year for your department?
Learn how by requesting a free, online and customized demo of Knowliah. We will show you a custom version of our application, fitted to your specific needs, at your convenience.
The amount of €93,000 is based on a team of 10 legal professionals.