{"id":13761,"date":"2022-04-21T11:21:50","date_gmt":"2022-04-21T09:21:50","guid":{"rendered":"https:\/\/www.amberlo.io\/?p=13761"},"modified":"2023-02-22T12:57:46","modified_gmt":"2023-02-22T10:57:46","slug":"legal-spend-management","status":"publish","type":"post","link":"https:\/\/www.amberlo.io\/blog\/law-business\/legal-spend-management\/","title":{"rendered":"A Brief Guide to Legal Spend Management"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Legal spend management is a vital element of your law firm\u2019s expense control and accounting structures. It includes benefits that grant you better spending visibility, cost control, and more.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This guide to legal spend management will explain what this important law firm structure is. It will also highlight the benefits of using a management platform for your legal spending and the best features to look for in such a platform.<\/span><\/p>\n<p><!--more--><\/p>\n<h2><span style=\"font-weight: 400;\">What Is Legal Spend Management?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Legal spend management is a legal practice or discipline that provides firms and legal departments insight into their spending. In particular, a management structure gives firms over outside counsel spending. So, with this software, your firm can better know, understand, and designate outside legal spending.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Modern spend management structures are available to support this control over outside spending. This management process can function through diverse and effective legal software solutions without a hitch or hassles. The fundamental goal of these software systems is to improve funds allocation and spending through <\/span><a href=\"https:\/\/medium.com\/@ejwalters\/nothing-artificial-about-it-how-law-firms-really-use-ai-in-practice-f793947b6f94\"><span style=\"font-weight: 400;\">clear insights and data<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Using A Legal Spend Management Platform<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-13820 aligncenter\" src=\"https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/01\/law-office-data-protection_Amberlo-blog-image.jpg\" alt=\"law office data protection_Amberlo blog image\" width=\"1024\" height=\"724\" srcset=\"https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/01\/law-office-data-protection_Amberlo-blog-image.jpg 1024w, https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/01\/law-office-data-protection_Amberlo-blog-image-300x212.jpg 300w, https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/01\/law-office-data-protection_Amberlo-blog-image-768x543.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Legal spend management software solutions are a worthwhile investment for law firms. These are the benefits and features your firm can take advantage of by using such a platform.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">The Benefits<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Here are the benefits of introducing a legal spend management platform to your accounting structures:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Can significantly decrease legal spending.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Analysis of outside defence firm performance based on various metrics like deposition costs, success rates, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Constant tracking of costs as matters progress, so cost analysis isn&#8217;t dependent on the invoice.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Improves matter budget forecasting through updated tracking capabilities.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Speeds up invoice management and processing.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Enhances legal team productivity through the automation of repetitive manual tasks.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Decreases pressures on the legal team from manually managing the invoicing process.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Encourages informed and data-driven decision-making on matters and general firm budgets.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Allows the firm to improve fund allocation to higher-return or higher-value projects.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Gives a foundation for cost-reduction strategies and efforts.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Provides notifications to necessary actors for changes to matter and spend data.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ensures all cost and spending data remains reliable and traceable.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Increases the reliability, accuracy, and efficiency of spending data by removing human error.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ascertains compliance with internal and industry regulations and guidelines for billing, invoicing, accounting, etc.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These are some of the main reasons your firm should introduce a solid legal management structure. Of course, these benefits can feed into the greater functioning of the entire organisation. It can foster better teamwork and establish your firm as a trustworthy institution with sound financial structures to boot.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Features For A Good Legal Spend Tool<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When selecting or searching for a good legal spend management tool for your organisation, prioritise these features:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Automation\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.amberlo.io\/features\/legal-matter-management\/\"><span style=\"font-weight: 400; color: #ff6600;\">Matter management<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.amberlo.io\/features\/time-and-expense-tracking\/\"><span style=\"font-weight: 400; color: #ff6600;\">Time tracking<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.amberlo.io\/legal-billing\/\"><span style=\"font-weight: 400; color: #ff6600;\">Billing and invoicing management<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"color: #ff6600;\"><a style=\"color: #ff6600;\" href=\"https:\/\/www.amberlo.io\/legal-trust-accounting\/\"><span style=\"font-weight: 400;\">Accounting<\/span><\/a><\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.amberlo.io\/legal-email-management\/\"><span style=\"font-weight: 400; color: #ff6600;\">Email correspondence<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Update tracking or monitoring<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Notifications and reminders<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.amberlo.io\/legal-document-management\/\"><span style=\"font-weight: 400; color: #ff6600;\">Document control and centralisation<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Collaboration and communication channels<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Amberlo &#8211; Comprehensive Legal Spend Control Suite<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-13881 aligncenter\" src=\"https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/04\/expense-management-software_Amberlo-blog-image.png\" alt=\"_Amberlo blog image\" width=\"1024\" height=\"724\" srcset=\"https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/04\/expense-management-software_Amberlo-blog-image.png 1024w, https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/04\/expense-management-software_Amberlo-blog-image-300x212.png 300w, https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/04\/expense-management-software_Amberlo-blog-image-768x543.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">At <a href=\"https:\/\/www.amberlo.io\/\"><span style=\"color: #ff6600;\">Amberlo<\/span><\/a>, we\u2019ve developed a whole suite of <a href=\"https:\/\/www.amberlo.io\/\"><span style=\"color: #ff6600;\">legal software<\/span><\/a> solutions that can support you on your management journey. Our software is <\/span><a href=\"https:\/\/www.amberlo.io\/testimonials\/\"><span style=\"font-weight: 400;\">tried and tested<\/span><\/a><span style=\"font-weight: 400;\"> and built for effective use by legal firms of all sizes. We also provide exceptional support through software introduction and beyond, so you always have a helping hand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using Amberlo solutions will give you better control and visibility over the areas in the feature list above. Your legal team can communicate better about cost or spending, gain easy access to relevant documents on our cloud database, and track expenses as the matter progress.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Team members can also leave time-consuming and manual tasks, like data entry and time-tracking, to the software. As your lawyers focus on billable and skill-heavy tasks, these features encourage greater productivity and profit. You also develop <\/span><span style=\"color: #ff6600;\"><a style=\"color: #ff6600;\" href=\"https:\/\/www.amberlo.io\/blog\/law-business\/security-software-for-law-firms\/\"><span style=\"font-weight: 400;\">a reliable and secure system<\/span><\/a><\/span><span style=\"font-weight: 400;\"> for your spending monitoring and budget.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Conclusion<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When firms contract outside legal defence support, spending management can get difficult to oversee. And with additional external parties, it may be harder to ensure the correct compliance with your firm\u2019s invoicing and other spending guidelines.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using legal spend management software helps you gain a handle on all outside legal defence costs and expenditures. It ensures that all parties in a matter remain on the same page about where the firm or legal department&#8217;s money is going. You can improve accountability, productivity, communication, and more through analytics, time tracking, document centralisation, and other features<\/span><span style=\"font-weight: 400;\">. So, <\/span><span style=\"color: #ff6600;\"><a style=\"color: #ff6600;\" href=\"https:\/\/www.amberlo.io\/contact\/\"><span style=\"font-weight: 400;\">contact us today<\/span><\/a><\/span><span style=\"font-weight: 400;\"> for support in setting up a sound legal spending structure that can do all of this and more for your firm!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Legal spend management is a vital element of your law firm\u2019s expense control and accounting structures. It includes benefits that grant you better spending visibility, cost control, and more. This&#8230;<\/p>\n","protected":false},"author":25,"featured_media":13888,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[1620],"tags":[],"yoast_head":"<title>A Brief Guide to Legal Spend Management | Amberlo<\/title>\n<meta name=\"description\" content=\"Legal spend management is a vital element of your law firm\u2019s expense control and accounting structures. 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Find out how it can benefit your firm.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.amberlo.io\/blog\/law-business\/legal-spend-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Amberlo - Legal Software\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/amberloapp\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-21T09:21:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-22T10:57:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/04\/legal-spend-management-software_Amberlo-blog-image.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"724\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ilhaam Bardien\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Amberloapp\" \/>\n<meta name=\"twitter:site\" content=\"@Amberloapp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ilhaam Bardien\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.amberlo.io\/blog\/law-business\/legal-spend-management\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.amberlo.io\/blog\/law-business\/legal-spend-management\/\"},\"author\":{\"name\":\"Ilhaam Bardien\",\"@id\":\"https:\/\/www.amberlo.io\/#\/schema\/person\/8cb236eb9940abbd4e9764641dc75bf6\"},\"headline\":\"A Brief Guide to Legal Spend Management\",\"datePublished\":\"2022-04-21T09:21:50+00:00\",\"dateModified\":\"2023-02-22T10:57:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.amberlo.io\/blog\/law-business\/legal-spend-management\/\"},\"wordCount\":757,\"publisher\":{\"@id\":\"https:\/\/www.amberlo.io\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.amberlo.io\/blog\/law-business\/legal-spend-management\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/04\/legal-spend-management-software_Amberlo-blog-image.png\",\"articleSection\":[\"Law Business\"],\"inLanguage\":\"en\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.amberlo.io\/blog\/law-business\/legal-spend-management\/\",\"url\":\"https:\/\/www.amberlo.io\/blog\/law-business\/legal-spend-management\/\",\"name\":\"A Brief Guide to Legal Spend Management | Amberlo\",\"isPartOf\":{\"@id\":\"https:\/\/www.amberlo.io\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.amberlo.io\/blog\/law-business\/legal-spend-management\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.amberlo.io\/blog\/law-business\/legal-spend-management\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.amberlo.io\/wp-content\/uploads\/2022\/04\/legal-spend-management-software_Amberlo-blog-image.png\",\"datePublished\":\"2022-04-21T09:21:50+00:00\",\"dateModified\":\"2023-02-22T10:57:46+00:00\",\"description\":\"Legal spend management is a vital element of your law firm\u2019s expense control and accounting structures. 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