Karta Legal

08/10/2022

Join our team at the 2022 Annual Meeting of the National Association of Minority and Women Owned Law Firms! We have partnered with NAMWOLF to bring our best of class services to the thriving community of diverse law firms.

Link: https://lnkd.in/dpp_gWDU

06/24/2022

Why should you be thinking about better contract management? These are FACTS!

•SaaS delivery with faster time to value and innovation, achieving a year-one total cost of ownership that is 5–10 times less than installed software
•Enterprise-wide management of all contract functions, including the buy-side and the sell-side
•Improved negotiation efficiency with 50% faster contract cycles
•Identified revenue opportunities and prevented leakage, resulting in a 1%–2% increase in total revenue
•Realization of negotiated cost savings with 55% additional spend brought into compliance
•Standardized contract processes and approvals
•Up to 30% lower administrative and legal costs
•Reduced operating and regulatory risk
•Centralized contract repository
•Elimination of maverick and redundant contracts
•Avoidance of missed deliverables

According to Thomson Reuters, automating contract management has saved lawyers 82% of their time.

Analysts at PricewaterhouseCoopers suggested that a business can save up to 2% of their annual costs by utilizing contract management and thus avoiding inaccuracies and non-compliance.
At the same time, Goldman Sachs estimates that automating contract management can help with the following:

Accelerate negotiation cycles by 50%
Reduce erroneous payments by 75 to 90%
Cut operating and processing costs related to contract management by 10-30%

Here are some stats gathered by CottrillResearch, CLOC, and ACC.

70-80% of business operations are governed by contracts
46 cents out of every $1 spent on legal services goes on external costs
37% of companies spent more than $750k on legal technology in 2018
$1M is the average legal technology spend for mid-size companies with in-house engineering resources in 2018

Not only are such metrics as cost reduction or revenue increase are quite appealing, but lack of contract management can also bring about the following effects:

Here is more data from CLOC and ACC reports:

While only 1.2% of Administrative personnel participated in contract management, document automation software can help balance out the workload, helping lawyers concentrate on other tasks.
57% of work on Data Collection is allocated to LDs
79% of Legal research and 90% of Records Management is also done by your lawyers
Legal document automation software can be seamlessly integrated with one of your company’s CRM, CPQ, or ERP systems. It can become much easier to pull the necessary information and involve the right people in the right stages of contract creation.

Here is what companies achieved after switching to CLM, based on the research:

1% larger average deal size
2.5% higher annual customer renewal rate
12% higher proposal volume
20% higher lead conversion rate
24% shorter sales cycles

04/06/2022

Agile Benefits in Legal Processes
Agile processes make legal teams more efficient and proactive, with less downtime and delays, which results in faster delivery time, savings of human and capital resources, and continuous process improvement.

According to Woldow and Richardson (2013, p. ix) in their book Legal Project Management in One Hour for Lawyers, clients want the following from their lawyers:

Value,
« conferred as viewed through the eyes of the clients.
Efficiency,
« managing the budget with lean and efficient staffing and lower outside legal spending.

Predictability,
« avoiding costly surprises and fewer unexpected events and visibility of the tasks being done and their status.
Communication,
« prompt, responsive, exact, and complete.
Understanding,
« all aspects of their businesses, not just their legal needs.
Alignment,
« between the clients' interests and the firm's behaviors.

04/06/2022

Agile should be used to improve legal process management by both law firms and in-house legal departments alike. Using an Agile approach makes work visible, encourages collaboration, enables responsiveness, supports consistency of communication, and even creates a competitive advantage with clients that “speak Agile.”

According to Absolute Market Insights, the United States Non-Technical Agile Transformation Services Market was valued at $189.49 million in 2021 and is projected to grow at a CAGR of 7.3% over the forecast period.

Karta Legal is recognized as a key player working in the United States’ non-technical agile transformation services market.

Moreover, we are one in a handful offering these services for the legal industry.

We explain why this sector is not only important but necessary to achieve digital transformation in a recent LinkedIn post, which is a MUST READ!

03/31/2022

→ How do you ensure the success of your digital transformation initiative, especially when dealing with lawyers?!

Digital transformation is about much more than applications – it is a redefinition of people, processes, and technology through the implementation of a digital-first culture, efficient operations, and seamlessly integrated secure applications.

However, it is fair to say the largest expenditure for the project will be on software licenses, configuration, and implementation. Therefore, the software provider and implementation vendor selection process tends to be under heavy scrutiny, and it can make or break the digital transformation project.

With the massive number of SaaS companies offering various solutions in the market, it can also be a daunting challenge to simply shortlist a few vendors – let alone make a meaningful comparison between solutions.

A common mistake that can be avoided is first deciding whether to go with:

→ a point solution, or
→ a platform

There are huge differences between these two solutions in terms of the:

1- operational reality,
2- costs,
3- implementation complexity, and
4- employee experience

Hence, you would be better served choosing one path first and then evaluating vendors in that specific space.

While it is nearly impossible to make a broad statement recommending either point solutions or platform solutions, it is important that the points in this article are well considered before even evaluating vendors.

When your firm or legal department has decided to take the first steps towards digital transformation, it is nearly impossible to avoid the discussion of software. Digital transformation is about much more than applications – it is a redefinition of people, processes, and technology through implem...

03/01/2022

Change Management Stakeholders’ Strategy
In-house teams are undergoing more changes than ever due to cost pressures, new technologies and ways of working, and the expectation that legal teams operate as risk managers and deliver more strategic, business-oriented advice. To succeed, it is essential to guide our attention not only to your operational goal but also to your stakeholders.

Change Management Challenges
Buy-in or engagement from stakeholders is difficult when you are working to implement a new system or process.
Resources, capabilities, or time are hard to obtain.
You need support in formulating a clear and convincing message for each stakeholder group to communicate the change and obtain the necessary investment and support.
Change Management Strategy Design
1. Stakeholder Mapping

We will help you understand your stakeholders' needs and expectations based on the relation with the change initiative.

2. Change Management Framework
We will help you incorporate methodologies, processes, tools, and plans to ensure the implementation of the project.

3. Implementation
Our team of legal project managers and consultants will help you ensure your change management strategy’s success. We will work on:
facilitating stakeholders’ workshops,
helping you communicate the message,
helping you with presentations and reports for your stakeholders, and
helping you map and manage the project’s lifecycle to meet budgets and timelines.

02/16/2022

We announce a strategic partnership between my company, Karta Legal LLC, and my good friend and colleague Omar Sweiss's company JusticeBid, a diversity analytics, and e-sourcing platform.

These two minority-owned legal tech companies (yep, you read that right) are teaming to address the Diversity, Equity & Inclusion challenges in the legal industry.

Working with legal departments, JusticeBid’s one-of-a-kind analytics tool gathers and disaggregates diversity data from their law firms. As Deming said, "in God we trust, all others bring data." Armed with this information, Karta Legal will apply proven business and process improvement methodologies to create the optimal path to achieve measurable and significant progress. Lean Six Sigma and Agile tools will be brought to bear in a new and unique approach to fix broken processes and stagnant gains.

I am thrilled to be working alongside Omar and those who are seriously committed to making measurable and transparent progress.

01/31/2022

It is the way for our to tell that something is wrong. We usually feel pain when our brain has been alerted by our nerve system that a muscle, fiber, organ, tissue, or hormone system is not working at its 100%.

But once we feel , it is also a sign that it is too late, the damage is done, and now we need to work on the recovery part, therapy, medication, or surgery (if it is a more serious issue). All the above could have been avoided with preventive medicine like diet, exercise, regular medical checks, and better work habits.

function similarly to our body; the different departments are the organization's organs, tissues, and muscles and the C-level the brain. So, why do we need to wait until the damage is done in the departments to look for help?

I heard all the time, "right now we are good, we do not need help" Why do we need to wait for an increase in due to lousy reviews, or delays in ex*****on due to slow , lost revenues due too bad terms in , decrease on sales because lack of or issues in ?

Let's practice "preventive medicine" in our the same way we do it with our bodies. So let's start with a simple "assessment project" to identify flaws in our system, leaks in our financials, slow , and in our .

Let's avoid the pain; let's be more than .

01/28/2022

We apply business principles and agile methodologies to help you optimize the delivery of legal services. By having a more efficient legal department, the GCs and in-house teams can feel confident in managing legal risk and becoming a business partner to their organization by supporting and aligning with business objectives.

Delivery Value:

• Support growth by creating a framework for training, data management, process management, and legal technology acquisition, implementation, and adoption.

• Develop KPIs (Key Performance Indicators) to articulate the cost of legal to a business unit. It will help to provide transparency and vision to the business.

• Demonstrate the value-add that your function and your law firms’ partners and vendors provide to the business

Learn more at: www.kartalegal.com

01/24/2022

is a must-have for every to handle third-party vendors, including .

Reviewing invoices is not always an easy task; errors in the could be expensive, either because of wrong billing or because you waste time re-doing the work to correct those errors.

To learn more about how to eliminate errors on e-billing, tips on invoice review, and how to implement outside counsel guidelines, come to join Lourdes Fuentes Slater (Karta Legal LLC), Virginia (Gina) Griffith, JD (LegalBillReview.com), Wendy Roberts (LegalBillReview.com), and Patrick Fuller (ALM Intelligence) this February 09, 2022, at 2 pm
Register at https://lnkd.in/d2AfunSS

01/18/2022

Legal project management (LPM) employs project management methodologies. Using LPM, can improve and in by increasing transparency and discipline. LPM can be applied to either a single matter or an entire portfolio.
✳️ Benefits of LPM:
📍 Detailed and accurate scoping.
📍 Meet deadlines by using milestones and dependencies.
📍 Manage roles and responsibilities by using a .
📍 Better project budget management helps you know and understand the of each phase and task.
📍 Provide visibility to all throughout the of a matter by using detailed reporting and communication plans.
📍 Control outside counsel and third-party vendor spend.

✳️ Karta Legal Strategy:
We can help design and deploy a on how to use project management on your ongoing matters or portfolios. This includes, but is not limited to, developing , , matrices, and providing for your staff on best practices.

12/25/2021

Happy Holiday Season!