What it Does
- Enforce your billing guidelines automatically, and determine which violations must be resolved by firms before submission
- Identify invoice timing violations, like expenses billed 6 months after they were incurred
- Establish and enforce staffing models, like limiting the number of attorneys attending a deposition
- Enforce proactive billing compliance practices, like requiring submission of matter status reports before invoice approval
- Allocate matter costs across multiple business units or related claims and manage accruals
- Uncover and resolve improper workflow, like partner-level billing for administrative tasks
Why it Matters:
- Understand which firms are billing the most and which matters are accruing the greatest expense
- Uncover and eliminate undesirable and redundant billing practices
- Identify and immediately reject duplicate and overlapping invoices
- Track expenses at the task / phase level of a matter as well as the practice area or department level
- Reconcile billing rates with contract terms at a glance
- Monitor legal spend in the real time and understand P&L implications
The Bottom Line: Return on Investment
The single largest cost to legal and insurance claims departments is outside law firm expense. For thousands of legal teams of all sizes, investing in electronic billing to optimize workflow and control costs has produced an extremely healthy ROI.
Acuity ELM clients typically realize 3-10% first year savings as a result of standing up e-billing. A 3% reduction in legal spend can be achieved by automating enforcement of billing guidelines, verifying timekeeper rate accuracy, and capturing duplicative invoices and line item overages.
Clients who have leveraged the full muscle of our e-billing platform recognize upward of 15% savings at maturity – by using advanced budgeting utilities and implementing complex billing rule hierarchies.
Whether you require the 30,000’ view of your entire expense landscape or need to take a deep dive into matter-specific timekeeper rates and line item details, Acuity ELM delivers. Contact us to learn more.