New product developments for managing matters, spend and contracts highlight company’s dedication to the transformation of the legal department into a strategic business partner
Onit, a leading provider of legal workflow solutions including enterprise legal management (ELM) and contract lifecycle management (CLM), today announced a range of new product developments that help corporate legal departments optimize their material impact and evolve into more modern and interactive business partners.
The product developments for ELM and CLM highlight Onit’s dedication to enabling more efficient and cost-effective legal workflows for customers. Since acquiring SecureDocs in December 2021, the most recent of six acquisitions in a span of three years, the company has been hyper-focused on integrating its subsidiaries and technologies to provide the most comprehensive portfolio of ELM and CLM solutions on the market. In March 2023, Onit announced several updates to its offering, including the launch of the OnitX platform and Onit Catalyst portfolio and new integrations to its spend and matter management solutions — all of which stem from the strategic acquisitions of Bodhala in August 2021, BusyLamp in September 2021 and McCarthyFinch in November 2020.
A COMPREHENSIVE PORTFOLIO OF LEGAL SOLUTIONS THAT MEET YOU WHERE YOU WORK
With solutions designed for medium and large enterprises, Onit enables legal departments of all sizes to modernize workflows, improve operational and cost efficiency and contribute to faster revenue generation and business growth. The following features and capabilities will be demoed by request and at CLOC Global Institute 2023 in Las Vegas:
- Clause Creator AI: ContractWorks (a product of SecureDocs) launched Clause Creator AI, enabling users to easily create new clauses in full legalese and save them to a clause library for future use in a few clicks. Clause Creator AI reduces the time attorneys spend drafting clauses from scratch and helps non-legal users draft clauses that require less effort to review.
- Task Management: SimpleLegal’s Task Management bolsters the company’s matter management solution by enabling legal teams to monitor a matter’s tasks through the various stages of its lifecycle. With all matter-related affairs in a single location, Task Management makes it easy for users to meet deadlines, ensure appropriate coverage, share progress and evaluate success. Task Management will be available later in 2023.
- Interactive Analytics: The OnitX platform now provides Matter Suite Best Practice Value Dashboard with interactive analytics that produce action-oriented summaries about legal matters and spending over time. The customizable dashboard also provides broader insights by integrating with other data sources, like HR or ERP data. More dashboards will be introduced later in 2023.
- Enhanced Reporting: SimpleLegal’s (acquired by Onit in May 2019) Enhanced Reporting, the fastest-adopted feature in SimpleLegal’s history, strengthened its offering with new datasets for invoice-level spend and reports for timekeepers rate requests and predicted versus actual spend. Enhanced Reporting’s data visualizations and report customization capabilities make it easy for legal teams to make more informed, data-driven decisions and gain a deeper understanding of their legal spend, matters and outside counsel performance.
LEGAL’S PATH FORWARD: A STRATEGIC PARTNER AND MATERIAL BUSINESS DRIVER
Amid a challenging economic climate, the legal department can evolve beyond business protector and into the role of strategic partner and material business driver by becoming more modern and efficient. Data from the 2023 Enterprise Legal Reputation (ELR) Report reveals the quality of interactions between Legal and its internal clients has noticeably decreased year over year across every enterprise function — and that legal professionals are acutely aware that concerns around their responsiveness, communication and efficiency are impacting their working relationships.
However, there are roadblocks hindering Legal’s ability to be a faster, smarter and more modern partner. Nearly four in 10 (37%) legal respondents believe a lack of budget for modern solutions is holding them back from providing positive experiences for internal clients, while a similar percentage (36%) cites a lack of technology solutions.
“Our mission at Onit has never wavered — it’s always been our goal to provide enterprises with technology that automates business-critical legal workflows and helps transform corporate legal departments into business-driving strategic partners,” said Eric Elfman, Onit’s CEO. “By building the most comprehensive and sophisticated solutions for ELM and CLM, we are empowering legal professionals to positively impact materiality, increase efficiency and better collaborate with their internal clients.”
Learn more about Onit’s portfolio of ELM and CLM solutions at CLOC Global Institute 2023 on May 15 – 18, where the company is a proud diamond sponsor.
- Jean Yang, Vice President of Onit’s AI Center of Excellence, will moderate a panel titled Exploring the Implications of Generative AI and ChatGPT on May 17 at 10:30 am PDT.
- Visit us at Booth #207 to learn more about these product updates, book a demo or arrange to meet the team at CLOC.