Legal SaaS

What is Legal SaaS?

“Legal SaaS” is short for “Legal Software as a Service” refers to cloud-based software platforms designed specifically for legal processes, such as secure electronic signature or contract management.

While lawyers use various types of technology in their roles (e.g., email hosting, shared drives, etc.), Legal SaaS is a distinct category that focuses on the software lawyers use specifically for legal processes. There are many types of legal software on the market today, including consumer applications that allow individuals to handle legal processes such as bankruptcies and traffic tickets themselves.

With the right Legal SaaS solution, you can work more efficiently, create the compliance infrastructure you need, and generate new opportunities to create value from data.

Which departments are using Legal SaaS?

The optimal Legal Saas solution connects in-house counsel with business colleagues in procurement, sales, HR and beyond to support a team-based approach to managing risk and achieving business goals.

Legal SaaS is often developed with the needs of attorneys in mind, however, modern software equally covers the legal processes of just about any team in an organization. The software must be user-friendly enough to be used by non-lawyers.

Should I use Legal SaaS?

Do you have a clear idea of your company’s needs for a software solution? Define a problem statement for each issue. Work with all stakeholders in the organization to understand how they perform their tasks. Have stakeholders outline the exact workflows, paying close attention to the specific tasks they perform and the decisions they make along the way.

From these details, you can determine the specific Legal SaaS capabilities needed to solve your specific challenges. However, if you don’t make the effort up front to accurately identify the problem you’re trying to solve, you’ll likely spend a lot of time and money implementing a software solution, but it won’t solve your challenges.

Categories of Legal SaaS

There are several categories of Legal SaaS for the needs of corporate legal departments. The most commonly used categories are listed below:

1. Legal spend & matter management

Legal spend management is the process of reviewing, tracking, analyzing and reporting - on both internal and external legal spend - in a modern department, usually implemented by the legal team as a legal department-specific software package.

2. Electronic signature (eSignature)

The eSignature software creates a secure digital signature that signers can use to sign documents electronically. The software also creates an easily accessible audit trail of who signed a document and when.

3. Electronic investigations (eDiscovery)

Electronic discovery is the process of obtaining and sharing evidence in a legal case or investigation. eDiscovery software is particularly used in the analysis of bulk unstructured data in and outside of organizations.

4. Privacy, security & information governance

This type of software manages cybersecurity, data security, and compliance with privacy regulations such as GDPR. Fast-growing technology companies need robust digital security solutions. It also assesses and monitors risks that could negatively impact the business.

5. Contract review

Contract review software uses artificial intelligence such as machine learning and natural language processing to extract data points and interpret contract language. This type of software helps capture contract information and assists in automated contract review.

6. Automation of contracts

Contract automation software enables legal and business teams to collaborate on contracts and automate contract processes in a single, unified workspace.

7. Contract lifecycle management (CLM)

Contract lifecycle management software helps users manage contracts after the signing phase, including tracking obligations, managing performance, and ensuring compliance with terms and conditions. CLM software also provides visibility into contract performance as well as risk mitigation for non-compliance.

Legal SaaS: Checklist for buyers

There’s a lot at stake when buying Legal SaaS. Misinformed buyers can easily overpay for tools that don’t actually help them accomplish their actual tasks. Before you make your investment decision, consider the following:

• Define your legal department’s challenges: What are your goals for the Legal SaaS solution? What metrics will be used to evaluate impact?

• Determine who else needs to be involved in the buying process: Assemble a team of relevant stakeholders who can help you identify the Legal SaaS features you need.

• Check to see if you already have the appropriate tools: Your existing software may provide the features and capabilities you need.

• Determine your budget for a new Legal SaaS solution, and remember: If the new software doesn’t integrate easily with your existing systems or processes, it could result in extensive additional costs.

• Look for Legal SaaS that is easy to use: This includes features that focus on ease of use, such as customizable, user-friendly dashboards and intuitive menu options.

• Start small: It’s exciting to jump right in and get as much done as quickly as possible - but that can backfire. It’s recommended to break your first projects into manageable pieces - for example, start with just your NDA workflow to prove ROI before expanding the project.

Summary

Legal SaaS refers to legal software as a service, which is a cloud-based software solution designed specifically for legal professionals and law firms. It provides a range of tools and features that enable lawyers and legal teams to manage their day-to-day tasks, including case management, document management, time tracking, billing, and client communication. Legal SaaS is accessible from anywhere with an internet connection, allowing lawyers to work remotely and collaborate with colleagues and clients in real-time. This technology has transformed the way legal services are delivered, making legal services more efficient, cost-effective, and accessible for both legal professionals and clients.