This week I caught up with Chris Kraft, Senior Vice President of Product Management for Mitratech – ahead of their launch of TeamConnect Essentials. It seems timely to share a few thoughts on the launch and on our conversation.
The Legal Ops arena is on fire. If ’17 was the warm-up lap, ’18 was the starting pistol – and it’s off to the races. This key element of the modern legal industry will be very instrumental in how it looks in 10 years. There is a growing realization around the opportunity for better, faster, cheaper business operations in the legal space. Indeed, it is moving quickly from being nice-to-have to have-to-have. For larger companies, such as the 30% of the Fortune 500 that Mitratech aready supports, that means big efficiencies. That being said, there is a vast trove of business in the mid-market – figure 9,000+ or more billion dollar companies have the opportunity to achieve savings in their legal departments. That is why Mitratech have now introduced Essentials – building on their experience.
As Chris describes it: “We’ve taken our experience, coupled it with a streamlined implementation program, and created a unique solution for legal departments that are early in their transformation journey.”
Aside the proverbial challenge of doing more with less, a key challenge that mid-market GC’s face is getting control of data – and being able to harness activity in a way that supports their budget, compliance and reporting requirements. A surprising amount of time is still wasted by attorneys reviewing invoices for accuracy and adherence to company guidelines. Far from value-added, this is a very one-dimensional and low-value view of what they could in fact be doing with the same amount of time.
Many legal teams in the mid-market are relatively small considering the billion dollar companies they support – figure 1-10 employees covering all the bases. That’s logistically challenging on so many levels and the ability to stay organized and on top of key data is a tough ask. Solutions like TeamConnect Essentials are intended to provide clients with something they have needed for quite some time, as Chris terms it: “a single source of truth” – bringing together all the key data points to help drive both time and money savings.
Another trait of the mid-market is limited budget – there are few “blank checks” being written. So the subscription model is very appealing for many such organizations as a way to manage costs – in the case of TeamConnect Essentials, it’s billed on the basis of number of users.
Perhaps most interesting of all is how Chris describes the impact that their solution can have on legal outcomes. The magic lies in being able to bring the key information together – under control – a single source that can be tapped for insights, guidance and helpful heads up of risks and opportunities.
Cost savings are essential these days – it would be hard to sell a solution without being able to show savings. But, as is often the case, the real take-away here is the control clients can achieve quickly and efficiently. What you measure, you can manage. What you manage, you can improve. This sentiment seems resolutely on point for TeamConnect Essentials. One to watch in the coming days.