Onit bolsters ELM offering with new product integrations that increase rate accuracy and drive efficiency across legal business operations
Onit, the leading provider of legal workflow solutions, including enterprise legal management (ELM) and contract lifecycle management (CLM), today announced a set of integrations to its ELM solutions that further incorporate two of its recent acquisitions into its comprehensive portfolio for managing advanced legal workflows. The integrations, which stem from Onit’s acquisitions of Bodhala and BusyLamp in September 2021, optimize legal operations in two key areas — financial benchmarking and localized support for Europe.
The new integrations with Onit Spend Management and Onit Matter Management address three common industry challenges: lack of supporting industry insights at the point of decision, data silos and tool proliferation. Onit Spend Management leverages Bodhala’s comprehensive benchmarks from data that includes more than $47B in legal billings. This provides a breadth of comparison for proposed changes to current timekeeper rates and evaluation of new rates. For European legal departments, the integration of Onit Matter Management and BusyLamp eBilling.Space offers a proven ELM solution with a configurable matter management workflow that eliminates the double entry of matter information. Collectively, these integrations enable sophisticated legal departments at large multinational corporations to make smarter, cost-efficient choices at the point of decision.
BENCHMARKING FOR SMARTER SPEND MANAGEMENT
Onit Spend Management’s integration with Bodhala’s AI-enabled technology pulls data from 200,000+ timekeepers and nearly 9,000 law firms, improving the accuracy of benchmarks and providing germane data points so legal teams always understand the going rate for timekeepers against the context of an individual law firm, the company’s entire panel of law firms and the market at large. By providing insights at the point of decision, legal departments eliminate the need for time-consuming and often costly ad-hoc rate analysis as they now have the unique ability to quickly approve new timekeeper rates resulting from outside counsel promotions, raises or additions to a firm.
A COMPLETE EUROPEAN ELM SOLUTION
Onit Matter Management’s integration with BusyLamp’s legal spend management solution provides a single system of record with specific capabilities for European corporate legal departments. Matters can be created in Onit Matter Management and then synced with BusyLamp with the click of a button for matters where outside counsel is engaged. This offers a flexible and configurable matter approval workflow capability while also leveraging specific currency, regulatory and tax capabilities that Busylamp provides for the European market today, without having to manage legal matters in two different systems.
The integrations with Onit Spend Management and Onit Matter Management will be widely available to customers in July.
“The transformation of legal operations begins with smart, integrated solutions that evolve with your business’ unique needs,” said Scott Wallingford, President of Onit’s Enterprise Business. “These integrations are the first of many we have planned to ensure improved collaboration across Legal and greater access to actionable insights that help make smarter and faster business decisions. At Onit, we are tying together our corporate acquisition strategy and product portfolio’s evolution to help customers optimize their legal operations.”
Learn more about the new Onit Spend Management integration here and Onit Matter Management integration here. Onit is also offering live demonstrations of all its ELM and CLM solutions at Legalweek New York 2023 on March 20 – 23.