LOS ANGELES--(BUSINESS WIRE)--Mitratech, the leader in collaborative accountability applications including matter management, e-Billing and GRC management automation, today announced the release of TeamConnect Legal 3.3, designed to help corporate law departments achieve budget predictability across matters.
As a result of the recent recessionary environment and its impact on the legal profession, more focus is being placed on legal cost control and project management by in-house counsel. Law departments are increasingly looking to achieve budget certainty in an industry that is unpredictable by nature.
TeamConnect Legal 3.3 brings together a data-driven approach to budgeting with a process-driven one to deliver greater simplicity and accuracy. The combination of rich data and streamlined processes enables in-house counsel to accurately forecast spend in order to provide finance departments with the right information to manage the company’s financial performance.
From a data-driven standpoint, TeamConnect captures and reports on critical information to help drive cost-containment strategies. This enables corporate counsel to better manage expenses with access to:
- Historical and trending data on spending patterns
- Ongoing monitoring of budgets versus actuals
- Insights into firm performance against key metrics, such as cycle time and resolution amounts
- Visibility into risks by matter type, jurisdiction, etc. to better formulate try vs. settle and / or sourcing strategies
- Outside counsel spend and performance metrics to help implement and monitor convergence programs and flat fee arrangements
Building upon TeamConnect’s data-driven budgeting features, the 3.3 release delivers important process-focused enhancements as well. While budget collaboration tools in last year’s TeamConnect 3.2 release centred on providing a workspace for in-house and outside counsel to collaborate on budget planning, this year’s enhancements bring greater simplicity to matter budgeting for the in-house counsel team. New features include:
- Flexibility in budget creation. New features allow counsel to create a matter-level budget and assign vendor-level budget(s) at a later point in time, when outside counsel is selected. Previously defined allocations will apply to the selected firms, with vendor-level budget reconciled to the top-line matter budget.
- Greater visibility into budget status and history. Warnings and alerts show possible overages within the budget view, together with a full history of budget adjustments, including information on the adjustment date, change amounts and the individual responsible for the adjustment.
- Expanded vendor management. Budgets now allow for allocations at various levels of matter involvement including outside counsel, expert witnesses and other third parties.
- Life-of-the Matter estimates. Life-of-the-Matter features allow counsel to define overall budget amount per matter. Users can compare traditional (yearly, monthly, quarterly) budgets for a matter against the Life-of-the-Matter budget, including running totals for current spend (YTD and LOM).
“Increasingly, we’re seeing budgeting accuracy and effective budget management as criteria General Counsel are using to measure attorney performance,” said Afshin Behnia, Mitratech CEO. “In-house counsel is now being asked to make some very important strategic business and financial decisions in addition to practicing law. We’re proud to deliver the tools to help them meet those performance goals so that they can continue to focus on and excel in providing high-quality legal services to the corporation.”
“From a finance perspective, understanding how resources are being consumed and achieving budgeting certainty are a top priority,” said David Morton, Chief Financial Officer at Mitratech. “The fact that TeamConnect Legal 3.3 not only provides the tools to help control expenses in core functions, such as legal, but also brings cost predictability to the table, greatly improves a CFO’s ability to understand company spend and better manage financials.”
Mitratech provides market-leading Collaborative Accountability Applications for businesses and their trusted partners. With team-oriented domain applications in legal process automation, governance, risk, compliance and security, Mitratech's TeamConnect Collaborative Accountability Suite improves transparency of financial reporting, reduces exposure to risk, sharpens operating discipline, and improves information security and the efficiency of enterprise processes. Our Collaborati browser application also meets the accountability and collaboration needs of proliferating extraprise teams, wherein vendors, partners and service providers often have to be included in sensitive teamwork projects such as electronic billing, legal hold and collaborative budgeting, or those which expose your business to liability. To learn more, visit http://www.mitratech.com.