Source: JDSupra

Rising litigation costs are a challenge for many insurers and businesses, but technology is helping to mitigate these expenses. Claim-processing technologies allow companies to resolve incidents quickly, preventing claims from escalating to litigation, which tends to be more costly. For example, claims processed through automated systems can significantly reduce legal involvement, ultimately lowering costs associated with legal disputes.

Litigation analytics software is another powerful tool that enables companies to select the most suitable external counsel and predict judicial outcomes based on data-driven insights. These tools help legal teams make informed decisions, improving the overall strategy and efficiency of litigation efforts. Additionally, collaboration platforms streamline communication between legal teams and clients, reducing the time spent on administrative work and ensuring that information is shared seamlessly.

Finally, billing tracking software helps in-house counsel monitor legal costs and ensure that outside law firms adhere to agreed-upon budgets. By identifying areas for increased efficiency and enforcing pre-defined litigation budgets, companies can avoid cost overruns. Together, these technologies provide a robust framework for reducing litigation expenses while maintaining strong legal outcomes.

Read More: JDSupra