Tikit Carpe Diem for in-house legal teams
Understanding what your team’s time is spent on is as crucial to in-house teams as it is to outside counsel.
The in-house function used to be seen as a fixed cost of doing business, the value of which was opaque. However, since the financial crisis of 2008 businesses have been looking to control costs and the legal function has not been immune from this increased scrutiny. Today’s General Counsel are expected to be more accountable to their Board and as a result in-house teams are under increasing pressure to control their legal spend externally and demonstrate their value internally.
To further complicate matters the legal market has moved away from the traditional model of law firms doing work on a set hourly rate to a rich matrix of legal vendors using an array of alternative fee arrangements and fixed fee work.
As a result Corporate Legal Operations has emerged as a rapidly growing multi-disciplinary function to oversee and optimise the delivery of legal services to an organisation.
With the Tikit Carpe Diem time recording platform, it is now possible to capture the true value of work done in-house, giving a holistic picture of spend internally and externally. This unprecedented transparency allows for informed strategic decisions to be made about where it is most effective to use external counsel verses. internal resource and for what types of matters, activities or phases of a matter.
Not only this, the accurate capture of velocity within the in-house team will enable true insight to your Legal Operations by:
- Seeing a snapshot of workload over a period and plan optimal allocation of resources
- Give the right work to the resource that is most efficient
- Prove your team’s value to the business as a whole with granular information on the split of your team’s resource against different business areas
- Track and make visible who is dealing with what
- Providing an understanding of the real value of work done externally, so that you can select and negotiate the best fee arrangement at the most effective cost
Also using Tikit Carpe Diem’s fully exposed API you can integrate seamlessly and easily to your matter and spend management system to instantly import matters and export captured time to run granular reporting on both internal and external spend in a consistent way allowing for direct comparison on value.