Public litigation and enterprise legal management are not the same. Enterprise legal management (ELM) refers to the system and software used by businesses to manage their legal operations, including maintaining legal records, tax filing, and electronic estate documentation. It is overseen by corporate lawyers and litigators who handle company cases, maintain records, and make critical legal decisions. By implementing ELM software, businesses can improve transparency, efficiency, and predictability, which can enhance their reputation. The software allows companies to monitor and control legal costs, file litigations, address whistleblowing matters, and manage core counsel operations to comply with government regulations.
ELM encompasses various key elements, such as a document management system that centralizes legal documents and facilitates their viewing, modification, and sharing. It also includes contract lifecycle management, which streamlines workflows related to contracts and integrates with enterprise resource planning systems. Public records management ensures that public-facing documents are securely stored and accessible. Data reporting and legal analytics leverage AI and large language models to make data-driven decisions and extract insights from legal databases. Legal matter management involves the governance and documentation of legal tasks and activities, from initial request intake to resolution. Legal spend management involves forecasting expenses, tracking budgets, and implementing strategies to limit spending. Performance reporting focuses on transparently reporting progress and analyzing the strategic implications of legal operations.
When choosing the best ELM software, it is important to consider features such as a roundtable matter matrix, erosion tracking, peer feedback, and counsel budget approval. Extensive knowledge management support and document creation capabilities are also beneficial for scaling a legal team’s operations. Implementing ELM software brings immediate benefits, including improved accountability, streamlined operations, enhanced compliance, and better decision-making based on data and insights.