Author: Onit

Onit Customer Prudential Financial to Present at Legaltech New York 2019 on Process Improvement

Onit is gearing up and excited about this year’s Legaltech New York 2019 event! This year we’re especially enthusiastic since we not only have our booth and demos, but our customer Prudential Financial will be presenting an intriguing session. The session is titled, “A Process Improvement Case Study” and will be presented by Brian Burlew, VP, LCBE Ops, Digital Utility, Prudential Financial on Wednesday, January 30 from 12:00 – 1:00 p.m. EST in the Americas Hall I at the Hilton Midtown.

One of the key areas where law department operation professionals are seeking operational wins is by automating legal and business processes. Legal teams today are being asked to do more with less resources but they need tools to meet these challenges. Join Brian to learn more about Prudential Financial’s approach to process improvement. He will discuss how Prudential’s technology team is driving change with process efficiencies to manage its legal operations, and his presentation will highlight the following:

  • The rationale of their technology team’s process improvement initiatives
  • How automating workflows gives them a better view of all on-going business transactions
  • Lessons learned from the implementation process
  • Early results from gaining visibility into their legal operations

This year’s conference will be held January 28-31 in New York City and offers attendees a unique opportunity to learn about the latest legal technology trends and advancements in a peer-rich environment, while also collaborating to address shared issues and opportunities. To learn more about the conference, click here.

Doing More with Less: How Technology is Optimizing Legal Operations

Many folks in legal departments feel, and rightfully so, that the new paradigm is to do more with less money and fewer resources – otherwise known as lean legal. In the overall scheme of legal operations in achieving its objectives with “less,” technology has increasingly played a prominent role. Driving efficiencies and controlling costs in the legal department are being borne, to a significant degree, by well-chosen technology solutions, and legal operations managers who understand this and are taking action. The major school of thought currently is to run legal operations like a business – and to achieve that goal technology has been playing a key role.

Technology is optimizing legal operations in several key areas. Workflow and automation of processes deserve a spot at the top of the list. Automating routine tasks can shave hours off any busy schedule. Collaboration in 2019 via technology gives a whole new meaning to “work together,” and is forging the future of legal operations in ways we could never have imagined. Data analytics is increasingly important, as analytics can demonstrate the value of technology in the department. Looking at the CLOC Legal Operation’s 12 Core Competencies, the Mature Level is what legal departments should be striving for. Whether legal operations staff are familiar with the competencies or not, technology has been there (for those using it), quietly helping them to reach that magic level.

So if technology is so good at helping us in legal operations, what were the barriers to using it in the first place? A lean budget is often cited as one of the major reasons. Resistance to change also places on the list. But one of the other major reasons is integrating new technology with existing systems. Nowadays, resistance to change is really the only thing that should be holding up progress – the other issues of budget and integration have changed considerably in favor of organizations seeking new technology. There are technology solutions out there for practically every budget and integrations have never been easier. And for the “hard of hearing,” there is no longer a good reason not to be taking advantage of cutting-edge technology. Above all, doing more with less in the lean legal department has never been easier and affordable.

Listen to Onit’s New Podcast About K1 Investment Management’s Strategic $200 Million Investment in Onit

We’re excited to announce our latest podcast! In episode 6, Onit CEO Eric M. Elfman discusses K1 Investment Management’s strategic $200 million investment in Onit to accelerate global growth. Eric begins by explaining the reasons why the transaction is exciting for Onit, one of which is that it validates and recognizes the company for what it has accomplished in the last eight years. Another exciting part is that it provides the funding for Onit to execute to its full potential of becoming a market leader in not only enterprise legal management, but in contract management and business workflow.

Eric continues by explaining that K1 is not interested in breaking apart companies to make a profit, but rather to invest in high-growth companies like Onit by funding their continued growth. Eric emphasized that Onit’s goal remains to grow 50-100% per year over the next five years. He went on to explain that the deal will not really affect Onit’s leadership and its teams, since K1 invested in Onit for the way the organization is currently working – they don’t want to “undo” what has been working well. As far as whether Onit’s platform will change, the intent is to continue evolving its front-end and database and scalability of product has to grow. Pricing won’t increase due to the investment, but prices will continue following ordinary trends by increasing or decreasing accordingly.

Eric closes by explaining that K1 wasn’t the only investor that knocked on our door, and that Onit wasn’t actively seeking money at the time. But since he has known K1’s founding team for more than 20 years and really likes them and their investment concept, Eric decided the time was right to close a deal and selected K1 over another close competitor.

Listen to this podcast.

The Long Road to Business Process Automation and Apptitude Part II: More Early Predecessors

“Daedalus…had the power to construct statues endowed with motion and to compel gold to feel human sensations.”
– Callistratus, Descriptions, 4th century A.D.

In part one of this series we discussed some early attempts at automation, some more successful than others. Surprisingly, we can push the history of automation back even further to about 762 B.C. in ancient Greece. In Homer’s Illiad, he discusses the workshop of Hephaestus and the automatons that worked for him. These automatons were basically mechanical robots that served different purposes. For example, his tripodes khryseoi (golden tripods) were wheeled tripods that would wheel themselves in and out of the halls of the gods during the great feasts as they were needed. There were at least seven other named automatons used to carry out various tasks and missions. Although these automatons lived only in the realm of myth (as far as we know), the fact that automation was already being pondered in the 8th century BC is amazing in itself.

Pushing forward many centuries we find more solid evidence of real automation which laid the groundwork for modern business process automation and our process automation platform, Apptitude. In the 12th century AD, Ismail Al-Jazari created his famous Castle Clock. This clock was renowned in its day for its magnificence and accuracy in telling time, but its foreshadowing of automation is undeniable. Replicas of this clock can be found throughout the world today, including the United States. Through trial and error, Al-Jazari used gears, chains, wood, metal, a float chamber, flow regulator, and water to make the huge clock work. Every hour, doors would open automatically to reveal a figurine, and two gold falcon automata would drop balls into vases waiting below. Automata were a highlight of this wonder. Three times a day, five robotic, mechanical musicians would automatically perform musical pieces when activated by a water-driven camshaft. They would be activated by a system of pulleys, water trough and a water-powered “scoop” wheel. The clock also featured several displays, including the lunar and solar orbits and the zodiac. A crescent moon-shaped disc would move across the frieze indicating minutes.

Al-Jazari’s Castle Clock
Al-Jazari’s Castle Clock

In 1804 an inventor in France had developed several types of looms; including one with a treadle for power and another for weaving fishing nets. But Joseph Jacquard’s most famous invention was an automatic mechanical loom that used pasteboard cards with punched holes to control the process of weaving complex patterns. Prior to this invention, weaving intricate, figured designs was a slow and very laborious process. It required two operators: the skilled weaver and the draw boy to operate the loom. Jacquard felt there had to be a way to simplify the process for weaving complex patterns, and that a mechanism could be developed to make this happen. After much experimentation and trial and error, Jacquard succeeded in making the first programmable loom. Many hundreds or even thousands of these cards would be strung together, each card representing one row of the woven design. Jacquard’s invention was a landmark in computing history and not a fly-by-night fad by any means, since punched cards for computing were in use until the 1980s.


Jacquard’s Loom, showing coded punched cards

Onit would like to pay homage to these and all inventors whose ideas were guiding lights and blazed the path to the modern process automation. Every business process automation platform, including Apptitude, truly has a deep heritage going back many centuries.

Onit Secures $200 Million Strategic Investment from K1 Investment Management to Accelerate Global Growth

Onit is thrilled to announce that K1 Investment Management has made a $200 million strategic investment in our company. With the investment, Onit will scale operations to meet the increasing demand for innovative, market-leading process automation technology and enhance its back-end infrastructure to increase its scalable platform to meet continued growing client demand. Additionally, the investment will help fund go-to-market strategies, accelerate new product development and increase functionality of existing product offerings.

Onit’s CEO Eric M. Elfman is especially thrilled about this investment – “We are very excited to partner with K1 and their significant investment in our company further demonstrates the continued growth trajectory for Onit. We believe that we are clearly proving that our approach to streamlining business process – creating better workflows and not better databases – fundamentally sets us apart in the industry and is driving growth. We have the only end-to-end platform that solves workflow and process challenges across the enterprise. In fact, we have configured and deployed more than 200+ solutions and are instrumental in driving the transformation with some of the most innovative global companies in the world. As we scale to meet increasing demand, we are excited to also accelerate our investment in product development, resources and operations.”

Likewise, K1’s Managing Partner Neil Malik shares enthusiasm about this deal – “Onit’s platform has raised the bar on what users expect from software that extends beyond legal across the enterprise. We’ve seen the company more than triple its customer base and revenue in two years and we have tremendous confidence in the management team’s long–term vision. It’s exciting to partner with a team that pioneered the legal software space nearly 20 years ago and to now see how their innovative solutions are transforming the way Fortune 500 companies and legal departments operate.”

Onit’s client Anna-Lisa Corrales of Jaguar Land Rover North America offered her excitement on hearing the news – “We are on a legal transformation journey at Jaguar Land Rover toward greater efficiency and effectiveness, and the partnership between our law department and Onit has been instrumental in accelerating this process. We had to rethink the use of our internal and external resources and knew that we wanted to build partnerships with technology experts to help drive this revolution. We found that commitment from Onit and its management team. Rooted in an innovative system architecture that supports our needs for process automation, workflow and collaboration, Onit’s platform can enable best-in-class solutions for our growth today and in the future.”

Read the press release.

Corporate Counsel Best of 2019 Survey: A Great Opportunity for Onit Customers

It’s that time of year for the 4th annual Best of Corporate Counsel reader choice survey! Today is your chance to let your voice be heard: Who are the top law firms and legal service providers serving the nation’s legal industry? As a valued Onit customer, we wanted to pass along an opportunity to participate in Corporate Counsel’s Best of Corporate Counsel 2019 survey. We at Onit are hoping that you’ve been happy with our services, and if so, we encourage you to vote.

It’s time to recognize and celebrate your trusted business partners’ products, services and expertise in the 2019 Best of Corporate Counsel – a survey of the top solution providers servicing the legal industry. Whether it’s the best service, best product, best value – now is your opportunity to shower them with praise. Vote today!

Voting is open through 11:59 pm ET January 4, 2019. While voters do not need to cast their opinion in every category, we do encourage you to answer as many as possible! Finalists in each category will be determined by the popular vote, so we encourage you to forward this survey across your network — best of luck, and congratulations to all of our 2019 nominees!

There are a lot of categories in the survey, so here’s a shortcut to finding Onit. We’re in category #30, “Who offers the nation’s best matter management software?”

Click here to take the survey.

Onit’s Blog Post Highlights July – December 2018 (Oh What An Amazing Year)

A lot has happened in the world of Onit since July. We’ve selected some blogs spanning the past six months that may pique your interest and bring you up to date:

Product-related posts:

Award blog posts:

Company-related posts:

 

Enterprise Legal Management and Process Problems: Take Ultimate Ownership of Your Process Management

“Most people have a very strong sense of organizational ownership, but I think what people have to own is an innovation agenda.”

-Satya Nadella, CEO Microsoft

Have you been looking at your department’s process management in terms of data problems? Join the crowd – we’ve all be guilty of that. But 2019 is right around the corner and we should be ringing in the New Year by thinking in terms of process problems and a workflow-based approach. Traditional data-centric enterprise legal management (ELM) is a thing of the past and we need to move on. A solution-based approach to legal operations management by breaking up ELM into individual task-based solutions and processes is not some passing high-tech fad, but the way of the future – and challenges the older data-focused matter management model.

A system that allows its users to create and incorporate the discrete capabilities and components of a broader enterprise system “as they need them” is the way to go. Core matter management and e-billing functionality that can be augmented through a collection of solutions designed to address discrete operational activities allows users to scale the system in an appropriate manner consistent with operational goals.

Again, we should be looking at the elements of ELM as process problems instead of data problems. When we do this, we’re clearly taking more ownership in business process management, even though we may not immediately realize it. And in order for corporate legal to be a true corporate citizen, it needs to have a deeper stake in business processes.

Learn more about Onit’s enterprise legal management solution.

The Long Road to Business Process Automation and Apptitude Part I: Seeds are Planted

“Technology feeds on itself. Technology makes more technology possible.”

– Alvin Toffler, Future Shock, 1970

When we think of how business process automation (BPA) got its start, Ford’s assembly line comes to mind for many people. For others, the invention of the steam engine was a pivotal moment in BPA history. Though the assembly line of a century ago only loosely fits our modern, narrow definition of BPA, it was an impetus to push forward with the idea of automation. Needless to say, Onit’s Apptitude platform rests squarely on the shoulders of many centuries of advancements in automation.

There is evidence that by 250 BC the Egyptians were using a water clock called a clepsydra. Clepsydras had already been around for centuries before, but this one was different than older ones. This special water clock featured a simple but effective feedback control device, which is a critical component of automation. In earlier clepsydras, the outflow of water from the clay vessel wasn’t constant. The water flowed out faster when the vessel was full, and gradually slower when the water level was lower. Ctesibius came up with the idea of using a simple float regulator to control a constant rate of water flow, and at the same time ushered in a new era in automation history.

In later centuries, various other automatic controls were invented. In 50 BC we find that the Chinese were using water-powered trip hammers as a simple automated process. Around 20 AD Heron of Alexandria wrote about various types of automation that used feedback mechanisms. In the 17th century, automatic devices for controlling temperature were invented. Similar in principle to the more ancient clepsydra water-float clock, these devices controlled the temperature of incubators. Other thermostatic devices followed up through the 19th century, each with varying improvements over previous devices.

The steam engine not only helped propel the assembly line, but also deserves a prominent place in automation history. In the 18th century, a mechanical governor was invented to automatically control the speed of the steam engine. Perhaps the most important automatic control device of the period, the idea for the steam engine governor came from a most unlikely source. A century before, the centrifugal governor was being used to control the gap between the upper and lower millstones. When grinding grains it was necessary to carefully monitor the gap in order to achieve consistency in the final ground product.

In part II of this blog series we’ll discuss some later efforts in the drive toward modern business process automation.

How Can Legal Departments Add Value to Law Firms During Onboarding?

Getting your law firms onboarded as efficiently and painlessly as possible is a key factor in the overall success of a legal e-billing project.

Although e-billing vendors now have considerable experience in supporting legal departments through the implementation, there needs to be more emphasis placed on the problems and issues law firms face. While the technical aspects of the e-billing solution may be well documented, it is often the overlooked non-technical issues that cause law firms the most significant problems.

These issues can include: How should the law firm be organized to implement e-billing – should it be a centralized function or not? What additional processes must the firm implement to ensure that billing data is accurate and timely? What additional resources and IT system changes will be needed to meet the requirements of e-billing?

While most law firms can overcome these major issues, either on their own or with some external consultancy, there are detailed aspects that can be unique to your project. When you start onboarding, you can expect to receive a list of questions from your firm that cover these specific areas. These questions include:

  • What is the scope of the implementation, i.e., which law firm offices, which of your entities, and what matter types are in scope?
  • Will you require UTBMS codes, i.e., which Task/Activity/Expense codes are mandatory?
  • What are the recognized timekeeper classifications?
  • Which LEDES file formats are accepted, or how else can law firms submit billing data?
  • Do you require Work in Progress (WIP) information to be submitted?
  • Are there any special billing requirements, and how should fixed fee work be billed?
  • How will the firms be instructed on new matters?
  • How are charging rates managed and validated?
  • What are the payment processes for valid invoices?
  • What validation rules apply, e.g., what expenses will you reject, and which timekeeper types cannot get a charge?
  • It helps to be proactive and think about these questions from the start of the project.

You must also provide a Billing Guidelines document containing rules and processes for the firms to follow. We recommend a dedicated law firm success resource to help ensure the project addresses these questions and removes frustration for firms.

Onit’s European legal spend management solution BusyLamp eBilling.Space provides this for every project in the form of Bryan King, who has over 15 years of e-billing onboarding experience, initially at Clifford Chance. While indirectly working for the legal department, this person assists all law firms with onboarding and implementation and provides a single liaison point between vendors, firms, and the legal department. Many law firms are familiar with e-billing now. Still, those less experienced firms welcome the opportunity to have the assistance of an individual who understands the issues often faced by the law firm.

These two quotes show how valuable this is for firms; the first is from the e-billing Manager of a large international City firm, and the second is from the Finance Director of a smaller regional UK firm.

“I have been involved with e-billing for around ten years at various major UK law firms. As it evolves, the challenges are increasing. Clients often have dramatically different approaches and requirements. What is undoubtedly critical to the successful implementation of e-billing is an effective onboarding process. I firmly believe that BusyLamp appointing Bryan King as a lead was an excellent business decision. With his law firm insight and expertise, he has been able to play a vital role of considerable value by assisting both the client and BusyLamp with law firm questions and confirming when those firms have raised pertinent questions or made observations of merit. This drives a more effective onboarding process which focusses on key areas of challenge which historically have been overlooked until post-implementation, which typically manifest in a backlog of rejected e-bills.”

“This is the first time that we have seen someone like Bryan working for an e-billing vendor. Usually, the vendor sends us a letter about a client requiring Billing, and we are left to get on with it (…) so useful having someone to answer our questions and who understands our concerns and issues.”

HOW CAN LEGAL DEPARTMENTS HELP THEIR FIRMS WITH E-BILLING?

Every e-billing implementation will benefit from a clear set of rules documenting working practices and expectations around the client billing function. Your e-billing vendor will advise you on what to include. Download this handy guide for some examples. Providing these clear rules will mean your firms will be ready and able to use the solution and provide successful e-billing.

  • Go above and beyond ‘help desk’ level support for your firms by appointing someone (or selecting a vendor who provides someone) who understands law firm issues and works collaboratively with them through their onboarding process.
  • Work with your vendor to answer a list of questions in anticipation of receiving them from your firms and be prepared to work with the law firm success manager to answer further queries as they arise.
  • Make sure you have selected a solution that prioritizes the law firm experience in the interface through training and onboarding and using the latest technology to reduce the administrative burden for outside counsel.

E-billing offers great opportunities for you and your law firms to work collaboratively on a non-legal project with common goals. The aim should be to reduce billing errors, enhance the quality of billing information and improve decision-making processes. Implementing e-billing software is also a chance to work more effectively and efficiently with your outside counsel in a win-win partnership.

Request a demo of BusyLamp eBilling.Space today.