Most Companies are in the Process of Developing a Strong Legal Operations Function

Most Companies are in the Process of Developing a Strong Legal Operations Function

Legal Tracker Partners with Consero to Release New Report

Only eight percent of legal operations executives believed their legal operations functions were “Fully Mature,” with forty-five percent classifying their functions as “In Use and Evolving,” according to a recent survey. The participants also reported that their current functions are quite small, with over a quarter (27%) of participants stating they allocate a single person to their legal ops functions, followed by forty-five percent noting teams of 2 – 5 employees. These findings were reported as part of the 2018 Legal Operations Survey Report, developed by Consero Group in partnership with Thomson Reuters Legal Tracker.

Participants also reported that technology in their current legal departments is not operating at the caliber they need. Over two thirds of participants feel their legal technology infrastructure does not meet the needs of their operations. Similarly, few have introduced AI into their departments, with sixty-eight percent classifying their use of AI in legal ops as “In Development” and no participants describing their incorporation of AI as “Fully Mature.”

“Legal operations is among the most rapidly evolving areas within today’s corporate infrastructure,” notes Paul Mandell, CEO of Consero. “As business leadership demands greater efficiency and innovation from the legal team, the role of legal operations leaders is likely to continue to grow in the coming years.”

Rob Gitell, senior director of sales at Legal Tracker, said, “The pressure on legal departments to develop legal operations that deliver results is only going to increase in the next year, especially as new technologies enter the market.”

Additional findings from the report include:

  • Technology is a Top Priority for Legal Operations: Over one-third (36%) of participants reported prioritizing legal technology management over cybersecurity and cost control in their legal departments within the next year.
  • Legal Operations Looking to Reduce Function Costs: Thirty-two percent of participants stated prioritizing cost control for their legal ops functions in the next 12 months.
  • Sizeable Room for Improvement in Metrics: Legal Operations executives can use metrics and data analysis to manage and improve a variety of functions, including both internal/external relationships and cost control. However, a majority (56%) of survey respondents stated that they did not have a formalized metrics/reporting program that measures the value delivered by legal operations.

Thomson Reuters Legal Tracker is the top-ranked and most widely used legal matter management, e-billing, and analytics system among corporations and law firms. Recently it was named the #1 e-billing and matter management system by both HBR and Corporate Counsel magazine. Designed to give corporate law departments a clear view of their entire legal landscape, Tracker helps law departments implement tighter cost controls, reduce spend, and drive efficient collaboration—both internally and with outside counsel. And, because it is offered as a SaaS system, Tracker does this all without the need to purchase and maintain software, saving organizations’ IT staff time and money. Legal Tracker holds the largest collection of e-billing, matter management, and live-rate analytics information, with detailed data on lawyer performance that includes costs, staffing, duration, predictive accuracy, and evaluations by clients. For more information, please visit www.legaltracker.com.

About Consero Group

Founded in 2010, Consero Group is an international leader in creating function-specific events for senior-level executives in industries that include Legal, Compliance, Brand Protection, Customer Experience, HR and Procurement, among others. Based in Bethesda, Maryland, Consero is best known for transforming the executive experience through intimate, invitation-only programs in a sophisticated learning environment with high-level content. For more information on Consero, please visit www.consero.com.