In today’s legal world, there are so many compelling reasons for incorporating e-billing technology that it is not so much a question anymore of whether a company should implement it but rather, simply, when (or why not) do it.
While there certainly are features of e-billing that benefit outside counsel in conducting business, we will take a quick look at some of the critical areas in which legal e-billing benefits in-house counsel.
AUTOMATING COMPLEX AND CUMBERSOME MANUAL PROCESSES
Like 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 gets immediately routed to a designated approver. In some operations, some task automation allows legal counsel to stay focused on their expertise and real value, not worrying about over-reporting sheet formats or chasing after outside counsel for updates. (A bonus – you will likely find a noticeable reduction in paper costs as well.)
AUTOMATED BUDGET NOTIFICATIONS AND REPORTS
Your company’s specific rules for billing can get embedded for the 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. Download our guide for more examples.) 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, other companies are in the legal e-billing marketplace, so why choose Onit’s European legal spend management solution Busylamp.space? 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 and 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 have 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 are not ready to discard your current software entirely.
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. Read our checklist and discover why we are one of the safest solutions on the market.
You can contact us 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.