New SaaS Legal Operations Solution Can Save $250,000 Per Year in Staff Time Savings and Reduced Legal Spend.
Austin, Texas (Oct. 22, 2018) — Mitratech today announced the launch of TeamConnect Essentials, an easy-to-use, quick-to-implement SaaS legal operations solution designed for legal departments who want to leverage built-in best practices validated by 30 years of Mitratech’s client experience.
Essentials is built on Mitratech’s TeamConnect platform and acts as a central hub for all legal operations, including integrated matter management, outside counsel management, e-Billing, Microsoft® Office integration, and reporting, delivered as an adaptable, cloud-based solution.
“Thirty percent of FORTUNE 500 companies currently use TeamConnect as a platform for legal department innovation. We’ve taken our experience with those customers and others, coupled it with a streamlined implementation program, and created a unique solution for legal departments earlier in their transformation journey,” said Chris Kraft, Senior Vice President of Product Management at Mitratech. “And since it’s built on TeamConnect, it can grow and adapt as our customers’ needs change.”
Castleton Commodities International (CCI) joined Mitratech’s Product Advisory Program and has been providing hands-on product validation since May.
“We didn’t need a large enterprise-platform-sized solution,” said Howard A. Law, Vice President, Counsel, CCI. “We needed something simple, with a price point to match. TeamConnect Essentials is also very user-friendly and integrates with other applications we use every day, like Outlook.”
The time savings delivered by TeamConnect Essentials, coupled with the reductions in legal spend driven by automatically enforcing billing guidelines and improving the accuracy and payment of invoices, can save legal departments at least five percent annually. For most companies, that can amount to a significant return.
How can in-house legal teams benefit from implementing TeamConnect Essentials?
First, there are significant cost savings, including $250,000 per year in estimated staff time savings for a legal department of 10, and an average of 5 percent reduction in legal spend. How?
- Essentials can reduce the effort to open and assign new matters and budgets by 75 percent, cut the time spent generating reports for business users by 90 percent, and reduce the time spent storing and referencing matter documents by 75 percent, as well as saving 50 percent of attorney time per week searching and reconciling matter data.
- Legal Departments enjoy an immediate reduction in outside counsel legal spend of 5 percent through the enforcement of billing guidelines on invoices from outside counsel.
- The TeamConnect Essentials framework for fixed-fee and capped AFAs ensures that important attorney negotiations are enforced and savings are realized.
- Attorneys can save a minimum of 30 minutes in processing each invoice via electronic review and approval.
- IT and hardware costs are eliminated when compared to on premises solutions.
- Visibility of reporting reduces the effort involved in allocating work across resources to maximize productivity.
In addition, legal outcomes are improved with Essentials:
- Clients learn from their single source of truth how to avoid litigation, reduce settlements, and improve legal outcomes.
- A central hub for legal operations improves the organization’s ability to quickly respond to situations, reducing exposure and costs.
TeamConnect Essentials is commercially available today.
For more information, contact Sue Huss at firstname.lastname@example.org visit Booth #204 at the Association of Corporate Counsel’s Annual Meeting in Austin, Oct. 22-24 for a demo.
Mitratech is a proven global technology partner for corporate legal and risk & compliance professionals who seek out and maximize opportunities to raise productivity, control expense, and mitigate risk by deepening organizational alignment, increasing visibility, and spurring collaboration across the enterprise. Serving 1,200 organizations of all sizes across the globe, we represent almost 40% of the Fortune 500 and over 500,000 users in over 160 countries.
With Mitratech’s proven portfolio of end-to-end solutions, operational best practices spread throughout the enterprise, standardizing processes, enforcing policies, and accelerating time-to-value. By unlocking every opportunity to drive progress and improve outcomes, Mitratech is helping legal and compliance teams rise to the challenge of serving the evolving needs of the modern, dynamic enterprise.