For large corporations, it can be a challenge to stay on top of litigation, contracts, and other legal projects. Legal departments are being asked to do more with less. Fortunately, matter management solutions can help provide centralization, collaboration, oversight, and security, ultimately making the process easier.
What happens if I don’t use a matter management platform?
Working without a matter management solution often leads to confusion. You might ask: Do I have the most recent version of a contract or document? Did my colleagues complete the tasks they were assigned? Who is addressing a particular need? Or perhaps worse, are multiple people working on the same thing, and if so, how can we be more efficient across our organization?
These are all valid questions, but what are the specific challenges you might encounter?
Lack of a central repository
The most common challenge we see is the lack of a central repository. With all the various types of matters you could be managing across your business and all of the elements included in those matters, it’s critical to have these items easily accessible and all in one place.
For your contracts, you need to be able to easily identify your renewal dates, the parties involved, the contract terms, or expiration dates. But you’ll also want to have the ability to track the details for other types of matters, such as your garnishments, real estate, and trademarks, for example. Then, of course, there are other components to those matters, like your documents, emails, tasks, or notes, and you’ll want to store all of these items, once again, in the same location.
Having all of your information or components in multiple silos can make oversight incredibly challenging, and that can open up your business to risk. Not to mention, your team could be wasting an incredible amount of time and productivity sifting through the various storage areas as you attempt to find all of your documents or other pertinent information.
Significantly reduced collaboration
When multiple people are working on different pieces of these legal projects―be it via Excel, Dropbox, or shared drives―these options might not offer you the right resources for collaboration. These platforms may not be able to assign or track tasks, share emails or exchange notes with your team seamlessly, if at all.
Companies are also very concerned about security assets and audit visibility, especially in today’s digital world. Who has access to the projects, the data, or the documents that are in your system? Perhaps some users require read-only visibility into your projects versus the team who’s actively managing the data or the documents.
Moreover, what changes are being made to the application? When are those data changes happening, and can you easily discern these changes? Who made the last set of changes? Do you have the peace of mind knowing that only authorized people are making data changes within your platform?
Limited reporting capabilities
As you know, reporting is critical. Having your data, documents, tasks, emails, or notes assembled in one place is important. But is that data actually functional and accessible when you need it? Can you quickly understand, for example, your answer dates for your litigation or your contract expiration dates? Using your current system, can you take an analytical view of your matters without manually collecting information from all of your data sources?
Without a matter management solution, the answer is likely no.
Lack of security
With all of the changing regulations, rampant data breaches, and increased privacy concerns, security and confidentiality are of the utmost concern across large corporations and small businesses alike.
You may not only need internal security and the ability to control user permissions within your organization, but you may also require the ability to collaborate with third parties on certain matters. And it’s imperative that your matter platform can provide you with the ability to do so.
Emailing litigation or contracts to external partners may open your company up to some other risks or challenges, not to mention security concerns. A quality matter management platform will not only allow you to email documents and information from the platform as you decide, but also provide the appropriate level of access, so that third-party users can access the application in whatever limited capacity you deem appropriate. This will not only help meet your collaborative needs, but also alleviate your security concerns.
The solution? Use a matter management platform
With a proper matter management solution, challenges like project overlaps and manual processes can be avoided. Ideally, the platform you select will help automate the distribution of matters to your team and keep your colleagues informed, while giving them the ability to assign work or track tasks and keep your compliance dates. The proper solution will also offer complete visibility on the life cycle of any matter, so you can stay on top of your contracts from initial draft to final execution and beyond.
CSC’s unified, secure platform is the perfect solution for the safe storage, retrieval, and management of all your legal documents and associated data.
Learn more about our matter management solution here, or sign up for our upcoming webinar “Understanding Annual Reports: What You Need to Know to Maintain Good Standing” on Thursday, October 17 at 11 AM and 2 PM (ET) . See all of our upcoming webinars here