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Strategy Execution through Enterprise LegalManagement (ELM)Nirupam SrivastavaDirector - Strategy & M&A, India and South [email protected]
What is business strategy?
Many views
• Seeking a single ideal competitive position in an industry
• Benchmarking and adopting best practices ( In Search ofExcellence).
• Aggressive outsourcing and partnering to improveefficiencies (“The Origins of Strategy, published in 1989 bythe granddaddy of strategy consulting, BCG founder BruceHenderson).
• Focusing on a few key success factors, critical resources,and core competencies (reference to C. K. Prahalad andGary Hamel’s 1990 article, “The Core Competence of theOrganization”).
• Rapidly responding to ever-evolving competitive and marketchanges (Rita McGrath and Ian McMillan’s 1995 article oninnovation strategy “Discovery Driven Planning”).
• Porter’s: Do what everyone else is doing (but spend lessmoney doing it), or do something no one else can do.
Source: hbr.org, Harvard Business Review
Nirupam Srivastava, Director Strategy & M&A
How do you execute your strategy? (one example)
A Sample reference
Source image: CEB
Nirupam Srivastava, Director Strategy & M&A
How does Legal (team) support business strategy
Deliver
Profitable,
Sustainable
Growth
[Goal Should
be Less than
Eight Words]
Grow Customer
Base
Utilize
Innovative
Technology
Excel
Consistently
Increase Profits
Be Prepared
Legal Department
Goal
Company Goals
Identify and Mitigate Risks
Identify Content Experts
Maintain Ongoing Dialogue with
Internal Clients
Partner Effectively with Business Units
Maintain Effective Compliance
Program
Specific Initiatives
Source: CEB
Nirupam Srivastava, Director Strategy & M&A
The GC Value pyramid
Source: www.nabarro.com/downloads/from-in-house-lawyer-to-business-
counsel.pdf
Nirupam Srivastava, Director Strategy & M&A
Corporate Legal Department Trends
Corporate legal departments are being pressured to operate more like a business function, including:
• Controlling costs
• Becoming more efficient
• Leveraging data to make decisions
• Standardizing processes
• Demonstrating value to the corporation
As a result, corporate legal departments are:
• Investing in technology
• Hiring legal operations professionals
• Building standard reports / metrics
• Putting process in place
• More closely scrutinizing outside counsel selection & costs
Source: LN Study
Nirupam Srivastava, Director Strategy & M&A
Legal Department Maturity Optimization
Nirupam Srivastava, Director Strategy & M&A
Aligning Legal Strategy with Business Strategy with Enterprise legal management (ELM)
Enterprise legal management (ELM) is a practice management strategy of corporate legal departments, insurance claims departments, and government legal and contract management departments.
Source: Definition – Wikipedia
Image – Acuity
Enterprise Legal Management Overview (Gartner)
Gartner defines Enterprise Legal Management (ELM) as an integrated setof applications that include matter management, e-billing,financial/spend management, legal document management andbusiness process management.
While closely related, technologies such as information governance,ediscovery, legal hold, contract management, corporate secretary, boardof directors‘ communications and legal GRC applications are NOTincluded within Gartner's definition of ELM.
Ideally, strong ELM platforms will integrate with all of these relatedtechnologies.
Nirupam Srivastava, Director Strategy & M&A
Legal department investment in legal technology
Source: Hyperion Research (2014)
Nirupam Srivastava, Director Strategy & M&A
About LexisNexis CounselLink
LexisNexis ® CounselLink® is …
• … part of our software division, creating business management solutions for legal professionals
• … a SaaS offering delivering Enterprise Legal Management (ELM) including: matter management, e-billing and legal hold capabilities to help corporate law departments effectively manage their spend, matters and litigation holds while optimizing outside counsel relationships
• 20,000+ overall users• 5000+ law firms & 50,000+ attorneys• $7B legal spend processed each year• 50% and 35% new business growth in 2012 and 2013, respectively
• … the platform of choice for Fortune 1000 legal departments, particularly in the financial services, insurance and retail segments
• 150+ corporate clients, ranging from 5 attorney departments with $5M in annual outside counsel spend to Fortune 20 companies with >$1B in annual outside counsel legal spend and >1000 attorneys
Nirupam Srivastava, Director Strategy & M&A
The CounselLink Value Proposition
CounselLink is an easy-to-use integrated matter management, e-billing, legal hold and analytics solution for corporate legal departments.
CounselLink enables General Counsel to achieve better outcomes and greater return on their investment with product capabilities that save time, resources and keeps efforts focused on tasks.
Improve productivity and efficiencies
Control legal spend
Reduce risks and increase compliance
Optimize resource utilization
Make faster, more informed decisions
Increase outside counsel collaboration
Align business processes across the enterprise
Key Benefits
Nirupam Srivastava, Director Strategy & M&A
A Few of Our Customers
Nirupam Srivastava, Director Strategy & M&A
Proven Return on Investment
Source: CounselLink customer survey, January 2014
On Average, CounselLink clients achieved a
combined cost savings of 7 -10% using our Legal Spend and Matter Management solution.
The top third of clients saved 13% or more.
7-10% External Counsel Savings
8-10% Internal Counsel Savings
Nirupam Srivastava, Director Strategy & M&A
15
CounselLink Overview
Matter Management
Legal Spend Management
Analytics
Platform
Professional
Services
& Support
Strategic Consulting
Services
• Comprehensive standard reports
• Self-service report building capabilities
• Leading Business Intelligence tool: Microstrategy (embedded)
• Industry rate and operational benchmarking
• Robust integration into MS Outlook
• 24x7 web access
• Mobile ready for key workflows (Alpha)
• Built to scale (100s of customers,20,000+ active users,…)
• 99.9%+ availability
• SSAE16 Type II certification; redundant Tier III data centers
• World-class integrations with corporate technology ecosystem
• Onboarding services
• 24x7 Support, web based training
• Customized training programs
• Ongoing optimization services
Legal Hold
What Sets CounselLink Apart?
100% DATA CAPTURE
Better than anyone at getting 100% of data into system.
LEGAL SPEND
Leading Legal Spend Management system in market.
INSIGHTS
Actionable business intelligence to drive informed decision making.
SUPPORT
Post-sales support and partnership to maximize adoption, optimization and ROI
INNOVATION
Software ‘Center Of Excellence’ with leading legal technology expertise and innovation
THE RIGHT FIT
Select the right level of configurability
Matter Management
Capabilities: Configurable matter templates
Journaling
Document attachment
Calendaring
Contact management
Full text searching
Role based security
A single, cloud based, matter profile that serves as a hub for all matter related activities
Legal Spend Management
Capabilities: Robust bill review tools
Collaborative invoice workflow
True alternative fee billing
Budgeting & Financial tools
Automated guideline enforcement
Objective charge categorization
Support for non-LEDES invoices
Multi-currency capabilities
VAT compliant invoice workflow
A view of all legal spend enabling more informed decisions and better outcomes. Enforce billing guidelines, streamline review/approval workflow and support alternative fee billing
Legal Hold
Capabilities: Wizard base process for creating
legal hold notices
Assured delivery of e-mail notices
Full text editing of notices
Configurable acknowledgement page
Full audit trail for all edits and acknowledgements
An auditable, easy to use, end-to-end process for e-mailing legal hold notices
Analytics
Capabilities: A leading BI tool, Microstrategy, embedded
Over 50 standard reports
Interactive dashboards
Industry benchmarking reports based on a database of >$15B in legal spend
Self-service custom report creation tools
Subscription capabilities
Access to all key data processed in, or delivered to CounselLink in a robust and easy to interpret set of reports and dashboards that can be distributed throughout the corporation.
“Budget by Matter Type” Dashboard
Monitor practice area budgets as the year progresses to drive to better financial planning
Push Information Where it is Needed
Annual Spend By Law Firm By Matter Type
Know what your department spends with a law firm when evaluating preferred law firms during annual planning
CounselLink Insight:
Benchmark Your Company Against Peers
Benchmarking data lets customers know “Are the rates we pay fair?”
What are the 5 key forces impacting legal teams
Force 1: Fragmentation of the legal regulatory framework will cause adivergence among legal, compliance and contractual risks.
Force 2: Companies will experience an exponential increase in thequantity and complexity of digital information, placing pressure on howinformation is organized and managed.
Force 3: Organizations will experience conflicting demands forcorporate transparency versus increase privacy and security.
Force 4: Legal departments will shift the center of their departmentstaffing and services to reflect shifts toward high-growth markets,which require increased legal support and local risk oversight.
Force 5: The maturity of the legal services market will force legaldepartments to compete with sophisticated alternative legal serviceproviders
