ELI5: Explain Like I'm 5

Enterprise legal management

Enterprise Legal Management (ELM) is a way for companies to manage their legal operations more effectively. Imagine you are playing with lots of toys, and you want to make sure you keep them organized so you can find the toy you need when you want to play with it. ELM works like that but for a company's legal tasks.

A big company might need to deal with lots of legal tasks like writing contracts, settling disputes with other people or companies, and making sure they follow the rules and regulations. Keeping track of all of these tasks can be hard, just like keeping track of lots of toys can be hard.

ELM is like having someone who helps you keep your toys organized by putting them in different boxes and labeling them. But instead of toys, it helps companies keep track of their legal tasks. ELM software helps the company organize and manage all of their legal tasks like meetings, documents, and data in an efficient way.

With ELM, companies can easily track the progress of their legal tasks, see what needs to be done next, and make sure they don't miss deadlines. They can also keep track of how much money they are spending on legal tasks, and if they need to reduce legal costs.

Just like keeping your toys organized can make it easier to play with them, using ELM can make it easier for companies to do their legal tasks and concentrate on their main business operations.