Law firms around the world are experiencing some of the toughest times in recent history, with billable work declining as a result of the recession.
Some innovative law firms are beginning to think out-of-the-box when it comes to new business development and revenue generating ideas. Dolphin Software has been working with a number of law firms and legal process outsourcing providers to offer corporate clients a software solution for managing and automating their contracting processes, combined with the value-adding legal services that the law firm provides.
Focus on streamlining the contracting process, which remains a largely manual and inefficient process in many organisations, has become more important for both private and public sector organisations as they strive to reduce costs, avoid unnecessary contract-related penalties and maximise revenues.
Contract work remains the staple service offering of many law firms and there is a growing trend to providing a more complete and value adding service through the use of Contract Lifecycle Management software solutions.
By providing Contract Management-as-a-Service to their clients, Law firms can find new ways of generating revenue.
Contract Lifecycle Management solutions help organisations to streamline their contract drafting, approval and archiving processes, as well as allowing key business managers to manage key contract milestones and obligations more effectively through the use of advanced reporting and analytics.
Maintaining a portfolio of contract templates and legal clauses can be a significant overhead for in-house legal teams and is an area where law firms can identify potential new revenue streams by outsourcing this work on behalf of their clients.
Through the provision of a Contract Management service, law firms can gain predictable on-going subscription revenue from their client base and a platform to promote other value-adding services.
Dolphin Software provides a cost effective Microsoft SharePoint-based Contract Management solution for law firms that can be easily installed and configured, and is made available on a revenue-share model.