Overview
CounselLink integrates exclusive LexisNexis resources into a single, collaborative platform, providing a unified workspace for legal and operations teams. This solution aims to improve collaboration, workflow efficiency, productivity, and visibility into various aspects of legal operations.
Key Features and Functionality
Matter Management
CounselLink offers robust matter management capabilities, including a single, cloud-based matter profile that serves as a hub for all matter-related activities. Features include configurable data fields, screen layouts, and matter relationships; controlled law firm assignments; journaling; and document management with check-in/check-out, versioning, and full-text searching. It also allows in-house counsel to invite law firms to consult on matters and submit invoices within the platform.
Contract Lifecycle Management (CLM)
The CLM module enables multi-party collaboration and efficient contract management. It includes contract drafting integrated with Microsoft Word via a plug-in, allowing for seamless contract creation and customization using hundreds of contract templates from LexisNexis Practical Guidance®. This enhances regulatory compliance, authoring, negotiation, and the signoff cycle time.
Financial Management
CounselLink includes advanced financial management tools, particularly the SmartReview® feature, which is an AI-powered algorithm that automatically reviews law firm invoices, identifies errors, and corrects them based on established billing guidelines. This significantly reduces manual review time and helps in renegotiating invoices for cost savings.
Work Management and Intake
The platform utilizes an AI-powered legal assistant, “Ask Legal,” available on Microsoft Teams, to provide automated responses to simple legal questions from business stakeholders. This helps in efficiently handling high-volume requests while maintaining service quality. Requests that require higher-level attention can be added to the queue for legal team management.
Vendor Management
CounselLink facilitates improved vendor management by allowing law firms to collaborate on the platform, submit invoices, and manage shareable documents. This enhances communication and collaboration between vendors and the legal team.
Data-Driven Analytics
The solution provides data-driven analytical reporting through custom dashboards and scorecards. These reports offer 360-degree visibility into matters, contracts, finances, work, analytics, and vendor relationships, informing stakeholders about law department performance, productivity, and legal spend.
Integration and Security
CounselLink integrates with various third-party tools such as Salesforce, DocuSign, Adobe Sign, Box, Google Drive, Amazon S3, Okta, PingFederate, SAML, Active Directory Federation Services, and OneLogin. These integrations enhance automation, security, and convenience in contract management and user authentication.
Additional Features
- Legal Spend Management: Helps in managing and optimizing legal department budgets.
- Legal Holds: Facilitates the management of legal holds and other compliance requirements.
- Strategic Consulting: Offers services focused on process improvements, benchmarking, and analytical assessments.
In summary, LexisNexis CounselLink is a powerful ELM and CLM solution that centralizes legal operations, enhances collaboration, and provides advanced tools for matter management, contract lifecycle management, financial management, and data-driven analytics. Its integration with various third-party tools and AI-driven features make it a comprehensive solution for corporate legal departments.