How Legal Operations Helps Boost Company ROI

In the wake of economic uncertainty, it's no secret that many companies are looking for ways to boost their ROI. Many organizations associate functions like sales or customer support as the most valuable contributors. But for legal teams, there is a significant benefit in focusing on the underdog–legal operations.

That’s why we’ve created a new guide, The Make-or-Break Role of Legal Ops in an Economic Downturn. Here are just some of the things you’ll learn about how legal ops contributes to your organization:

Improve internal communication and collaboration

When information is siloed within the legal department, it can lead to inefficiencies and errors. This can be costly for the company in terms of time and money. Legal operations can help improve internal communication and collaboration by implementing a centralized repository. This allows all members of the legal team to have access to the same information, which makes it easier to spot errors and make changes as needed. It also allows them to work on tasks together, further improving efficiency.

Streamline Workflows

Another way that legal operations can help boost company ROI is by streamlining workflows. This can be done by implementing tools like contract lifecycle management (CLM.) A CLM allows you to eliminate bottlenecks and redundancies in the process, which leads to faster turnaround times, more contracts signed, and deals closing faster. In addition, this frees up time for legal to focus on more strategic tasks that require their expertise.

Review and Negotiate Vendor Contracts

Vendor contracts are often one of the biggest expenses for a company. Legal operations can help review these contracts to ensure that they are fair and reasonable. They can also negotiate with vendors on behalf of the company to get better rates, leading to reduced expenses for the company and resulting ROI.

There are many reasons to focus on legal operations in the current climate. From improving internal communication and collaboration to streamlining workflows to reviewing and negotiating contracts, legal ops has a big impact on a company's bottom line.

If you’re interested in learning more about how legal ops can help your team drive more efficiencies during the economic downturn, download our new guide, The Make-or-Break Role of Legal Ops in an Economic Downturn today.