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Litigation Management System – A Boon for the BFSI Sector!

Litigation Management System – A Boon for the BFSI Sector!

Every law firm or any individual legal practitioner wants to a more efficient, wellstructured and methodical way for everyone to get up-to-date legal information, communicate, and share records and expertise. Too good to be true! But it is true – A well implemented ‘Litigation Management System’ (LMS) ensures increased productivity and enhanced teamwork. A customized legal case management software, can help you create the best experience for your clients, employees, vendors and other stakeholders.

Thou Shalt Find Resistance!

Many practitioners and law firms may be resistant to this change, citing costs, difficulties in implementation, adoption and cultural fitment. But these concerns regarding transitory developmental issues fade quickly as practitioners and clients see the benefits in terms of speed, consistency, collaboration, and results. It will be difficult to meet customers’ expectations if the firm’s market and case operations lack consistency and competence. Legal case management software ensures consistency of service as well as its quality, by equipping your firm with data access (anytime and anywhere) along with tools and resources that enable you to meet or even exceed client expectations.

Selecting The Appropriate Litigation or Legal Management System

When looking at legal case management software options, it’s critical to understand the firm’s and clients’ specific expectations and objectives. Legal case management software may be used for a variety of purposes. Litigation and Legal Management Systems are intended to assist banks and financial institutions with their recovery operations by automating them and providing smooth access to legal information regarding borrowers, NPA accounts, bank recovery, and so on. In banks, LMS is used to handle and automate all legal processes. It is in charge of sending default warnings, recalling court hearings, managing lawyer fees and other costs, keeping a case database, and producing reports, among other things.

Why is LMS so Popular Amongst BFSI (Banks Financial Services And Insurance) Companies?

Unlike a few years ago, when banks and finance companies were hesitant to embrace LMS. But with increasing awareness about its capabilities, the demand for such software has skyrocketed. Here are some of the key factors that Litigation Management Software are helping banks to recover their NPAs, the most troublesome part of their business:

Data Management of Case Hearings – In every field, meeting deadlines is essential, and legal professionals must adhere to them without fail. A lawyer who represents a bank in a dispute involving non-performing assets (NPAs) may also be involved in a number of other cases. Lawyers frequently find it difficult to remember the hearing dates of numerous cases.

Centralized Case Tracking – Hearing dates, case summaries, prior hearing histories, and other details abound for attorneys managing loan recovery matters. They need immediate access to all of this information. They’ll need all of their data in one location for this. A solid Litigation Management System keeps all of the information in one place, where it can be accessed in just a few clicks.

Case Expense Management – Legal professionals must manually manage all expenses, which, if not properly documented, can lead to confusion and mismanaged budgets. A complete LMS can quickly record and verify all court/case costs, as well as produce full reports on the budget, expenditures, and obligations

Increased Accessibility – With a simple internet connection and a device, lawyers may view all information about their cases in the courtroom or at home. Because most LMS now operate online, bank and corporate attorneys may work from anywhere in the world, including+ rural regions or metros, while still having access to all essential case data.

Effective Communication – Staying up to date on case facts is important for attorneys. They can’t afford to lose any information on the case that might help the banks. The Legal Management System (LMS) bridges the gap between other departments and the legal department by encouraging fast actions, such as the issuance of new notifications. It promotes more efficient use of time and effort in the appropriate places.

Simple and Cost Effective – The system does not need to be expensive since its primary purpose is to help attorneys in their job. The only checkbox that has to be checked is a system with enough functionality to meet a company’s needs. Collecting data, keeping track of deadlines, and coordinating work across the team used to consume a significant amount of the attorneys’ time (s). With litigation management software, however, the whole procedure may now be simplified, saving a significant amount of time.

Increased Efficiency, Co-ordination and Informed Decision-Making – Due to time management technologies, legal professionals are already able to take on additional tasks. Every day, the legal team and specialists must deal with mounds of data from various situations. Hence, you may use a litigation management system to keep track of all of your data in one location. Every piece of information pertinent to a specific case or trial is gathered and kept on a shared docket, including hearing dates, opposition and lawyer contact information, court numbers, and so on. As a result, there is more collaboration and informed decision making.

LMS is even more Sense in Pandemic Times – Today, especially at a time when the whole globe is dealing with a severe crisis and is forced to retreat inside and make one’s house one’s workplace, workforces were able to quickly adapt to new issue thanks to increasing adoption of technology. Law case management software aids a business in completing a number of important duties. As a result, standardized software is critical to the company’s success.

We, at Legistify, one of the fastest growing Legal Tech companies in India, offer a comprehensive tech enabled platform to manage all your legal problems. By bringing together a network of highly skilled legal experts, Legistify hopes to make legal services more accessible, available and affordable across India. We offer a one-stop solution for any business looking to get legal remedy. The platform acts as a legal concierge for companies addressing their varied their legal and compliance needs. The solution is customized to each and every client. The platform deploys a strong market network powered by a tech platform to resolve major issues companies face while seeking legal aid – discovery of the right lawyer, cost control, transparent work management, data driven insights and more. The idea is to eliminate or considerably reduce the undue reliance on trust and human intuition and offer objective criteria using effective technology, efficient data management and analysis to access legal counsel. The Legistify platform is sector or domain agnostic – the expertise/services on offer include civil and criminal litigation services for companies of any scale or size.

Another advantage the Legistify platform offers is speed and efficiency in managing case data by doing away with unreliable and time consuming excel sheets/poor internal legacy systems. Our proprietary AI/ML tech offers research, data backed insights on external counsels and ongoing litigation etc. in no time to bolster your case. This results in higher success rate with improved RoI and reduced man-hours.

About Author

Akshat Singh

Akshat Singh is an Associate in the Corporate Litigation Team at Dhir & Dhir Associates, specializing in corporate restructuring and insolvency matters. He is part of the team handling litigation matters in NCLT, NCLAT and the Supreme Court of India.