The benefits of e-Billing and legal spend management software are well documented, but it can be difficult for legal departments to make the business case for investing in the technology.
This BusyLamp guide describes six different ways e-Billing will save your legal department time and costs. It assigns an estimated monetary value calculation to each of these benefits, even those difficult-to-quantify productivity benefits so you can translate them into savings. Expected project costs are outlined too, so you can factor them into your overall return on investment.
What is Legal e-Billing?
e-Billing produces an electric file, specific to legal. It contains not only the invoice header, matter information and bill totals, but a detailed breakdown of timelines, timekeepers and expenses coded against tasks, activities and expenses. A legal-specific e-Billing solution is essential to capture this level of detail, and also completely removes the need for a paper/PDF version of the bill to be created. Read more on “What is e-Billing?”
With the increased pressure on legal departments to improve efficiency and control costs, e-Billing is a solution than quickly generates savings that pay for the investment so is a popular software purchase for legal operations managers. e-Billing automates processes and allows legal departments to identify cost-saving measures both in the immediate term and by making use of data-driven strategies for the future. However, your stakeholders may need more than a list of benefits in order to approve the purchase of a Legal Spend Management software solution. By creating a business case and expected return on investment, you are making the first step in positioning yourself and your department as a valuable part of the business, rather than a cost centre.
DOWNLOAD THE GUIDE
The guide identifies six core areas where e-billing software saves money, and gives calculations for them:
- Ensuring law firms adhere to pre-agreed billing guidelines – need help writing these? Download our guide.
- Real time cost tracking and transparency, which reduces invoice surprises
- Time saved by automating invoice processing and review
- Electronic and automated legal matter and spend reporting
- Legal analytics for data driven, strategic decision making
- Effective, fair, consistent legal service provider and law firm sourcing
Cost of legal e-billing
The guide also includes information on typical costs to factor in your return on investment (ROI) calculation, including:
- Software costs
- Implementation fees
- Internal IT and project costs
- Training and support costs
- Upgrade costs