Legal Spend Management

Too often forgotten in the legal world is finances, making sure that the legal department is a profitable part of the business. Part of the blame for that goes to the outdated or legacy systems that many legal teams are still using to manage their legal spend. They rely on a process that counts on uploads to a third-party application and imports to internal department software.

That’s a system that is prone to error and ripe with inefficiencies. It needs to change. Managing that change is all about minimizing the opportunity for users to fall back into old patterns, and a proven way to do that is to provide them with new technology they will like better.

Onit’s legal spend management solution delivers a single platform that allows third parties—such as law firms and other vendors—to submit invoices securely and directly to the corporate legal department. Legal teams can track and manage all of their legal spend to gain a deeper visibility into legal costs, make smarter decisions about how they source legal work and improve the predictability of their legal spend.

Using Onit’s legal spend management solution, business rules can be configured to provide automated review for compliance errors and routing for approval. The solution also provides comprehensive audit invoice review that stands up to internal and external compliance requirements.

Informed and proactive legal department leaders across the globe see the huge advances in technology to increase visibility and efficiency, while reducing risk for their department, and are taking action. If you haven’t done so already, now is a good time to embrace a little change and a lot of great technological innovation. The investment is minimal, and the rewards are considerable.

Benefits for Corporate Legal Departments

Invoice Management

Manage each invoice through the submission, review and approval processes in a single collaboration platform. Notes and comments on each invoice can be captured, and authorized timekeepers and their rates can be managed.

High Configurability

Workflows can be easily changed to match changes in your business, and specific document types can be assigned individual workflows. Adding participants to the system is a simple click.

Enforce Billing Guidelines

Configure and enforce billing guidelines to analyze invoices and leverage matter and financial information to intelligently reject invoices or give your approvers appropriate invoice-level or line-item-level warnings.

Reporting and Dashboard Views

Reporting and dashboard views make it easy to analyze invoices, evaluate performance against budget, and see trends across your matter portfolio from all external law firms and vendors.

Budgeting

Requiring your law firms to prepare and submit a budget for each matter is easy in BillingPoint. Not only can you preempt problems before they occur, but you can also gain visibility from a monthly, quarterly or yearly perspective.

Matter Engagement and Retention

Matter engagement letters can be created and stored so you can manage the law firms and vendors you have on retention.

Adding Participants

Any team member can add a new invoice reviewer on an ad-hoc basis. Simply click on the “Add Participant” button and they will get an automated invitation to join the process.

Audit Trail

A complete audit trail of all invoice activity is captured with a time and date stamp as well as the name of the participant that made the comment.

Timekeeper Management

Keep track of all your authorized timekeepers and timekeeper rates in one location. Adjustments can be made quickly and easily with a few clicks.

A Simple Onboarding Process

BillingPoint is Onit’s cloud-based portal that lets law firms and vendors submit invoices electronically to their clients. The entire law firm onboarding process is handled by our team of internal e-billing experts to ensure the process is seamless. A typical onboarding process has three key components: initial contact, training and set up, and continued support.

Benefits for Law Firms

No software to download

Legal vendors use their own billing systems to generate LEDES files and can easily upload the invoice in the cloud-based BillingPoint system.

Instant Invoice Status

Vendors immediately receive confirmation of invoice submission success or a detailed list of any errors that must be corrected, including content that is non-compliant with the client’s submission guidelines.

Improved Visibility

Both the client and vendors gain access to real-time status updates on their in-process matters and submitted invoices.

Ongoing Support

Vendors are onboarded into the BillingPoint system by the Onit Vendor Support Team. The support team is available by phone and email.

Get Paid Faster

Invoices are reviewed and processed faster, thereby reducing overall payment cycles.

Simple Interface

The easy-to-use interface and dashboard view provides real-time information so law firms can efficiently and effectively manage their entire e-billing process.