--- title: How Legal Ops Can Help Navigate Risk in Hard Economic Times description: Here are 4 ways that legal ops helps teams navigate risk in market downturns. image: https://blog.linksquares.com/hubfs/How%20Legal%20Ops%20Can%20Help%20Navigate%20Risk%20in%20Hard%20Economic%20Times%20-%20Blog_Thumbnail.png --- [Skip to content](https://blog.linksquares.com/how-legal-ops-can-help-navigate-risk-in-hard-economic-times#main-content) [LinkSquares](https://blog.linksquares.com/) Open Mobile Menu [LinkSquares](https://linksquares.com/) Close Mobile Menu [Why LinkSquares](https://linksquares.com/why-linksquares/) [Products](https://linksquares.com/products/) --- [The LinkSquares Cloud One platform for all your in-house legal needs](https://linksquares.com/products/linksquares-cloud/) --- Contract Lifecycle Management Create, review, manage and sign contracts Legal Project Management Centralize your work and keep projects moving Cross-product capabilities Get scalability, efficiency and connectivity LinkSquares Onboarding Experience A step by step guide to get started today --- [Solutions](https://linksquares.com/solutions/) [Customer Stories](https://linksquares.com/customers/) Resources Content [LinkSquares+ Content curated for in-house leaders](https://linksquares.com/plus/) [The Library](https://linksquares.com/library/) In the studio [Demo Library](https://linksquares.com/demo-library/) Community & Events [Customer Stories](https://linksquares.com/customers/) [Events & Webinars](https://linksquares.com/events/) Learning [Blog](https://blog.linksquares.com/) [In-House Insights](https://linksquares.com/inhouse-insights/) [Knowledge Base](https://help.linksquares.com/) [Events](https://linksquares.com/events/) [About Us](https://linksquares.com/about-us/) [Careers](https://linksquares.com/careers/) [Press](https://blog.linksquares.com/tag/linksquares-news-press) [Pricing](https://linksquares.com/pricing/) [Request a demo](https://linksquares.com/demo-request/) Back Close Mobile Menu [Contract Lifecycle Management](https://linksquares.com/products/) [Finalize Streamline your contract creation process](https://linksquares.com/products/finalize/) [Sign Get your contracts executed faster](https://linksquares.com/products/sign/) [Analyze Your post-signature analytics & repository](https://linksquares.com/products/analyze/) [CLM Suite One platform to rule them all](https://linksquares.com/products/) [Request a demo](https://linksquares.com/demo-request/) Back Close Mobile Menu [Legal Project Management](https://linksquares.com/products/) [Prioritize Manage, track, and report on legal work in one place](https://linksquares.com/products/prioritize/) [Request a demo](https://linksquares.com/demo-request/) Back Close Mobile Menu [Cross-product capabilities](https://linksquares.com/products/) [LinkAI Predictive and generative AI](https://linksquares.com/products/analyze/features/ai/) [Integrations Connect the tools you love](https://linksquares.com/integrations/) [Reporting Improve your teams efficiency with KPIs](https://linksquares.com/products/analyze/features/dashboard/) [API Integrate with any third-party app](https://linksquares.com/integrations/linksquares-api/) [Request a demo](https://linksquares.com/demo-request/) Back Close Mobile Menu [Cross-product capabilities](https://linksquares.com/products/) [Onboarding We're here for you from day one](https://linksquares.com/onboarding-services/) [Services Short on time? 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Legal ops’ role as the enabler of legal is extra important here, since they focus on administrative tasks, processes, and evaluating technology so that lawyers can spend time protecting the business and implementing measures that lower the company’s risk profile. As a result, a lot of legal ops’ work involves helping in-house lawyers navigate risk in harsh economic times. Everything from the processes they implement, to the vendors they onboard, and the technology they adopt, has to help lawyers mitigate business risk. Here are 4 ways that legal ops helps teams navigate risk in market downturns:  ## Collect the Right Data Data is the secret sauce for an effective legal ops team. It’s especially important that legal ops teams know what kind of data to collect so that they can enable smart decision-making across the business.  With the right data, legal ops can help legal uncover trends within their contracts, hiring practices, and internal workflows that might put the team at risk. This data can inform the processes they implement in the legal department and how they support the leadership team in making executive decisions. ## Connect Spending to Outcomes Legal ops teams occupy a position in the organization that enables them to connect spending to outcomes and determine where the company should invest. Legal ops teams can use technology to track spend and calculate its overall effect on the bottom line. By tracking spend and performance, legal ops will have a much-needed understanding of how money is moving in and out of the legal team, what produces the highest ROI, and when and where to make hires. ## Improve Process Visibility For too long, legal teams have depended on internal word of mouth to manage and maintain whatever consistency there is in their processes. Unfortunately, this means that when someone leaves the business, their knowledge leaves with them. Legal ops can give their teams the gift of visibility by documenting processes and best practices. This helps legal ops improve consistency around internal processes, and it decreases the chances of duplicate work, non-compliance risks, and higher spend from inefficiency. ## Create Data Retention Policies A lack of process visibility makes it hard to tell if you have access to the contracts you need — whether that’s last year’s NDAs or legacy contracts and disclosures. Non-standard processes and decentralized storage mean your docs could be literally anywhere, which puts you at risk for insecure storage and non-fulfillment of terms. Legal ops can help navigate and mitigate these risks by creating data retention policies and ensuring that the business has centralized and searchable storage for their statements, reports, contracts, and other crucial legal documents. ## Takeaways Times are hard, but legal ops works harder. With access to sophisticated legal technology, legal ops can improve productivity and efficiency, while mitigating risk. See how LinkSquares CLM can help the legal team manage risks. [Request a demo](https://go.linksquares.com/demo-request) today. ![avatar](https://blog.linksquares.com/hs-fs/hubfs/Screenshot%202023-05-09%20at%2012.05.18%20PM.png?width=290&name=Screenshot%202023-05-09%20at%2012.05.18%20PM.png) #### [Christina Sullivan](https://blog.linksquares.com/author/christina-sullivan) Christina Sullivan is a Content Marketing Manager at LinkSquares. ## Subscribe to the LinkSquares Blog Stay up to date on best practices for GCs and legal teams, current events, legal tech, and more. ## Related Articles ### [Christina Sullivan Oct 13, 2022 6 min read What to Look For in Your Next Legal Hire Legal teams are often small, but mighty. According to ACC, smaller businesses tend to have around three legal staff, two of ... Start Reading](https://blog.linksquares.com/what-to-look-for-in-your-next-legal-hire) ### [Christina Sullivan Mar 23, 2023 6 min read Making Good Legal Hiring Decisions The nature of the legal function has drastically shifted from reactive to proactive. As a result, the criteria for making smart ... Start Reading](https://blog.linksquares.com/making-good-legal-hiring-decisions) ### [Christina Sullivan May 29, 2023 5 min read 3 Benefits of a Centralized Contract Management System Not all contract management is created equal. One method leans on spreadsheets, emails, hope, and prayer. The other is a ... 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[Status](https://linksquares.statuspage.io/) - [Your Privacy Choices](https://go.linksquares.com/linksquares-do-not-sell-or-share-personal-data) - ![aicpa soc 2](https://blog.linksquares.com/hs-fs/hubfs/soc2_66933e61%20copy.png?width=100&height=100&name=soc2_66933e61%20copy.png) - ![barr certification](https://blog.linksquares.com/hs-fs/hubfs/Frame%201921.png?width=129&height=57&name=Frame%201921.png) ```json { "@context" : "http://schema.org", "@type" : "Organization", "address" : { "@type" : "PostalAddress", "addressCountry" : "United States", "addressLocality" : "Boston", "addressRegion" : "MA", "postalCode" : "02109", "streetAddress" : "60 State Street" }, "knowsLanguage" : "en", "logo" : { "@type" : "ImageObject", "url" : "https://6934676.fs1.hubspotusercontent-na1.net/hubfs/6934676/Navigation/logo_643dd1b1.svg" }, "name" : "LinkSquares", "url" : "https://blog.linksquares.com/how-legal-ops-can-help-navigate-risk-in-hard-economic-times" } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "abstract" : "Here are 4 ways that legal ops helps teams navigate risk in market downturns.", "author" : { "@type" : "Person", "name" : "Christina Sullivan" }, "dateModified" : "2023-08-16T13:00:02Z", "datePublished" : "2023-08-16T13:00:00Z", "headline" : "How Legal Ops Can Help Navigate Risk in Hard Economic Times", "image" : "https://6934676.fs1.hubspotusercontent-na1.net/hubfs/6934676/How%20Legal%20Ops%20Can%20Help%20Navigate%20Risk%20in%20Hard%20Economic%20Times%20-%20Blog_Thumbnail.png", "inLanguage" : "en", "keywords" : "[In-house Best Practices]", "mainEntityOfPage" : { "@type" : "WebPage" }, "name" : "How Legal Ops Can Help Navigate Risk in Hard Economic Times", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://6934676.fs1.hubspotusercontent-na1.net/hubfs/6934676/Navigation/logo_643dd1b1.svg" }, "name" : "LinkSquares" }, "text" : "When the market conditions and macroeconomic climate are unstable, legal, like other departments, has to be more resourceful–and mindful of potential risks. Legal ops’ role as the enabler of legal is extra important here, since they focus on administrative tasks, processes, and evaluating technology so that lawyers can spend time protecting the business and implementing measures that lower the company’s risk profile. As a result, a lot of legal ops’ work involves helping in-house lawyers navigate risk in harsh economic times. Everything from the processes they implement, to the vendors they onboard, and the technology they adopt, has to help lawyers mitigate business risk. Here are 4 ways that legal ops helps teams navigate risk in market downturns: Collect the Right Data Data is the secret sauce for an effective legal ops team. It’s especially important that legal ops teams know what kind of data to collect so that they can enable smart decision-making across the business. With the right data, legal ops can help legal uncover trends within their contracts, hiring practices, and internal workflows that might put the team at risk. This data can inform the processes they implement in the legal department and how they support the leadership team in making executive decisions. Connect Spending to Outcomes Legal ops teams occupy a position in the organization that enables them to connect spending to outcomes and determine where the company should invest. Legal ops teams can use technology to track spend and calculate its overall effect on the bottom line. By tracking spend and performance, legal ops will have a much-needed understanding of how money is moving in and out of the legal team, what produces the highest ROI, and when and where to make hires. Improve Process Visibility For too long, legal teams have depended on internal word of mouth to manage and maintain whatever consistency there is in their processes. Unfortunately, this means that when someone leaves the business, their knowledge leaves with them. Legal ops can give their teams the gift of visibility by documenting processes and best practices. This helps legal ops improve consistency around internal processes, and it decreases the chances of duplicate work, non-compliance risks, and higher spend from inefficiency. Create Data Retention Policies A lack of process visibility makes it hard to tell if you have access to the contracts you need — whether that’s last year’s NDAs or legacy contracts and disclosures. Non-standard processes and decentralized storage mean your docs could be literally anywhere, which puts you at risk for insecure storage and non-fulfillment of terms. Legal ops can help navigate and mitigate these risks by creating data retention policies and ensuring that the business has centralized and searchable storage for their statements, reports, contracts, and other crucial legal documents. Takeaways Times are hard, but legal ops works harder. With access to sophisticated legal technology, legal ops can improve productivity and efficiency, while mitigating risk. See how LinkSquares CLM can help the legal team manage risks. Request a demo today.", "url" : "https://blog.linksquares.com/how-legal-ops-can-help-navigate-risk-in-hard-economic-times", "wordCount" : "711" } ```