How Legal Departments Can Thrive Using E-Billing Technology
In today’s legal world, there are so many compelling reasons for incorporating e-billing technology that it’s not so much a question anymore of whether a company should implement it but rather, simply, when — or why it hasn’t already been done.
While there certainly are features of e-billing that benefit outside counsel in conducting business, here we’ll take a quick look at some of the key areas in which legal e-billing provides benefits to in-house counsel.
Automating complex and cumbersome manual processes
Like with so many technological advances, e-billing automation dramatically improves efficiency and accuracy. E-billing eliminates some of the costly, time-consuming, tedious manual tasks that also run the risk of allowing significant manual errors. Billing information is immediately routed to a designated approver. In some operations, some of the task automation allows legal counsel to stay focused on their areas of expertise and real value, not worrying over reporting sheet formats or chasing after outside counsel for updates. (An added bonus – you’ll likely find a noticeable reduction in paper costs as well.)
Automated budget notifications and reports
Your company’s specific rules for billing can be embedded for evaluation and processing of invoices. With approved timekeeper rates and other corporate standards and guidelines (e.g., non-billable items, hourly thresholds and ceilings, etc.) for outside counsel locked in, non-compliant invoices that might have previously gone unnoticed can be immediately flagged or rejected. (This, of course, gives in-house counsel a chance to take credit for saving money, too!)
Actionable legal analytics and insight
With billing information captured with clarity and detail, sophisticated analytics can deliver deep insight into your legal expenditures. This can be a real game-changer. Our clients have found these analytical capabilities to provide valuable information for long-term spend management and a host of year-over-year improvements.
Sure, there are other companies in the legal e-billing marketplace, so why choose Busylamp? Here are a few key elements to consider, features that differentiate our services:
Cutting-edge capabilities: We are at the forefront of legal expense management. We offer an electronic request-for-proposal tool with real-time fee tracking and e-billing. We give you access to outside counsel pre-bill information as well as real-time tracking compliance utilizing embedded guidelines.
Flexible to fit all sizes: Our scalable SaaS model delivers more value for less money and our usage-based pricing makes Busylamp affordable to all businesses. We’ve seen impressive returns on investment from a broad range of clients. Moreover, our modules are independent, so you can begin reaping benefits even if you aren’t quite ready to entirely discard your current software.
Security and privacy: We are as concerned as you are about ensuring that all information remains secure from intentional or accidental mishandling or destruction. We have designed state-of-the-art technical and organizational security measures. We count banks and other major financial institutions among our valued clients and our specifications have proven compliant with their strict security requirements.
You can contact Busylamp now for a free analysis to find out how our software solutions can streamline your processes and deliver powerful analytics to help position your legal operations to be efficient and effective for the future.