LEGAL SPEND MANAGEMENT

Stay ahead of your legal fees before the invoice arrives

Monitoring all relevant data on law firms’ activites in one place ensures on-time intervention and efficient ressource allocation.

Legal Firms advisors consalio

From scale up to multinational companies – legal expertise is required in every business. Whether ESG regulations, compliance topics or M&A transactions, legal departments increasingly rely on support from outside counsels to meet the growing demand of legal services from within the business.
But keeping all activities, invoices and budgets under control while working with multiple law firms can be quite challenging.

Challenges of Legal departments

Legal Departments are challenged to balance increasing demand for legal services under budget restrictions

Lack of visibility on legal activities

Different requestors, reporting formats and billing cycles across law firms challenge in-house counsel to track fee updates and invoices. With a high volume of matters and a large number of law firms, these manual processes are becoming increasingly inefficient, time-consuming and error-prone.

Time consuming invoice reviews

Incomplete narratives and lack of comparison to (standard) billing guidelines result in time consuming invoice reviews and leave cost efficiencies undiscovered.

Poor Budget Monitoring & Forecasting

When tracking of accumulated fees against budgets across law firms and matters is not done consistently, financial planning and forecasting of legal fees becomes a challenge.

Lack of comparison & benchmarking

The “fire and forget” approach to managing the increasing number of regulatory requests leads to knowledge silos, inefficiencies and impedes learning curves based on historical performance, benchmarking and project evaluations.

All legal fees in one place. Just one click away.

Whether you are a General Counsel, Legal Counsel or Paralegal – all team members in a legal department benefit from consalio as a central data hub for all legal costs and activities in the organisation.

Legal spend management: analytics & forecasting of legal costs

Staying in control of your legal spend is powerful. By analysing matters and their compositions as well as forecasting future needs, legal teams uncover valuable insights with consalio and are enabled to proactively navigate through increasing complexity and demand while keeping costs under control.

Validate and approve services ahead of the invoice

When hundreds of billable hours are submitted each month ready to be billed, our machine learning based invoice review helps you to spot deviations from billing guidelines, track fees aginst agreed rates and budgets and approve fees efficiently.

Stay within your budget with our monitoring function

Take control of your budget with personalized alerts tailored to your needs, whether it’s thresholds, peaks, limits, or baselines. Adapt your budget allocations according to predicted work in progress (WIP), ensuring resource planning is optimized for success.

Central knowledge hub for legal

One platform for all legal fees in the organisation, legal teams can leverage insights and analytics to share learnings, compare matters and benchmark their law firms within the organisation.

Legal Spend External Advicor cost management
Work in progress (WIP): approval workflow & invoice review
Stay within your budget with our monitoring function
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Reduce your spend, time and manual effort with consalio.
Book a demo now and explore all the possibilities.