Why Are We Spending So Much in Legal?
One SimpleLegal customer (a public tech company with legal department that grew from a team of 1 to a team of 14) was told by his finance department that he “had the best system for tracking financials out of any department in the entire company.”
When CFOs ask about legal expense, general counsel and legal ops teams need data to support their answer. They need visibility into where and why the money is being spent. Without data, all that legal expense just gets lumped into one big number. Financial systems can provide a report by vendor, but that’s really not enough detail.
With data, general counsel and teams can provide much more insight to the finance team.
With data, getting reports by department, vendor, matter type, matter, or even individual attorney is easy.
With data, legal and finance can be more aligned.
Do You Have the Data You Need?
When general counsel ask for more budget or more headcount, they’re not typically the group spending the money. They’re reacting to business needs. More trademarks to prosecute, more patents to file, more sales contracts to review, more hiring, more partnerships.
It’s tough to get good data on legal expenses without e-Billing or spend management software. But the tools provided by legacy vendors are either too expensive or too cumbersome to use – and they’re switching to SimpleLegal. SimpleLegal is a streamlined way to get good data on your legal expenses and provides e-Billing, spend management, matter management, advanced reporting, and more – all from a single platform.