Litigation and Legal Management Systems are designed to help banks and financial institutions by automating their recovery processes and seamlessly accessing legal information about borrowers, NPA accounts, bank’s recovery etc. LMS is used to manage and automate all the legal proceedings in banks. It is responsible for issuing notices to defaulters, reminding court hearing, managing lawyer fee and other expenses, maintaining database of cases, generating reports and more.
Unlike few years ago when banks were reluctant in adopting LMS and its capabilities, demand for such software has increased significantly. Here are the top 5 ways how an ideal Litigation Management Software can help banks in NPA recovery.
1. Case hearing date management
Attending to the deadlines is the key in any profession and even the legal personnel must abide by them without fail. A lawyer who handles the case of NPAs in a bank might also have numerous other lawsuits to take care of. Remembering the hearing dates of multiple cases often becomes tedious for the lawyers. Litigation Management Software effortlessly stores the important dates and also sends reminders for the same in advance, on emails/texts etc.
2. Centralised case tracking
The lawyers handling loan recovery cases have an information overload of hearing dates, case summary, previous history of hearings etc. They must have access to all of this data instantaneously. For this, they need their data in a single place. A good Litigation Management System secures all the information at a centralised repository that is easy to access in only a few clicks.
3. Case expense management
Legal professionals have to manage all expenses incurred manually, and if not documented properly, it can lead to confusion and mismanaged budgets. A comprehensive LMS can record and authenticate all expenses incurred in the court/case easily and generate detailed reports on the allocated budget, expenditure and liabilities.
4. Effective communication
For lawyers, staying up-to-date with the case details is critical. They cannot afford to miss out on any information about the case that can benefit the banks. LMS bridges the gap between other departments and the legal department by promoting quick actions e.g. issuing of new notices etc. It encourages better utilisation of time and efforts at the right place.
5. Accessible (anytime, anywhere)
Lawyers can access all information about their cases in the courtroom or at home, having a basic internet connection and a device. As most LMS today works online, it empowers the bank lawyers to work anywhere in remote areas or metros while accessing all relevant case data on-the-go.
To know more about how Litigation Management Systems work, talk to our consultants.