Enterprise legal management software- imparting IT efficiencies to the Legal Profession

11 Jan 2023

Enterprise legal management software- imparting IT efficiencies to the Legal Profession

Individual law firms and corporate law departments are reaping rich dividends from the increasing popularity of law practice management software. Since the introduction of ELM in the ‘90s and its gradual evolution, legal departments have become more adept at managing a range of departmental tasks, from intellectual property and securities to finances and legal operations.

An effective practice management software is capable of complete case management, which includes retrieving, archiving, and storing client case history data, time spent on each case or client, associates' time histories, billing, and much more.

Among the manifold benefits of ELM, the key ones are:

  • Matter/Case Management: Case management software allows case budgeting, documentation, key performance metrics, status, and final outcomes.
  • Contract Management: This entails drafting, reviewing, and finalizing individual contracts with necessary signatures.
  • Spend management: Analyze and optimise in-house and external council costs.
  • Compliance management: Monitor compliance regulations diligently and enforce automated guidelines that alert internal stakeholders in case of any variance.
  • Intellectual property management: Manage all your patents, copyrights, and trademarks on a single integrated platform.
  • Tax Litigation: Maintain strict vigilance on taxes levied, exemptions, and timely filing.
  • Detailed analytics: From Legal MIS to Contingent Liability Schedule to Law Firm Comparison, get comprehensive reports with a few clicks.

The global ELM software market was valued at approximately USD 1724 million in 2021. With an estimated CAGR of 12.7%, it’s expected to cross USD 4019 by 2028.

THEO is your trusted source for enterprise legal management software.