Live accruals show you what is happening with your outside counsel activities and spend, while it is happening. Live accruals are, therefore, significantly more effective at ensuring billing accuracy and reducing spend versus static accruals. With static accruals, firms or the client simply enter in what they anticipate they will accrue monthly, quarterly or annually. With LeGuard, all of your outside counsel activity and spend is captured as counsel is performing their work. Acuity has integrated LeGuard’s live accrual information as part of its automated invoice review – ensuring that what has been accrued is the same amount or less as what you are invoiced.
- Significant, Additional Reductions in Legal Spend:
- Because firm activities are captured and documented as they occur, the possibility of period-end guesstimates and rounding diminishes significantly. Case studies show our clients realize a 10 – 22% reduction in annual spend because of the always-on, fluid design.
- A Third Tier of Savings: The first savings comes from using Acuity’s e-billing software. The second comes from using LeGuard’s live accrual software. The third comes from using Acuity and LeGuard together so that the live accruals can be audited against time billed.
- Stay in Front of Billable Activity: Live accruals allow lawyers to communicate billable activity while they are performing the work – giving corporate legal and finance departments visibility into activity and spend as they occur.
- Optimize Cash Flow Forecasts: Live accruals provide clients with significantly more accurate and immediate cash flow projections. If you know exactly where you are with live accruals, it is easier to forecast the rest.
- Connect Live Accruals to Matter Budgets: Clients can compare live accruals to a firm’s matter-specific budgets – and get a holistic view of the state of the budget in a concise, single-page report view.
- Customize Accrual Billing Rules and Automate Bill Review: Compare amounts invoiced to live accrual data for a first pass automated bill review. Clients can configure accrual rules to flag or prohibit billing at a certain percent above the actual accrued fee amount for the period.
The integration of Acuity and LeGuard is cutting edge technology and will bring your legal department to the front of the line of best in class ELM practices.
To view a Acuity_LeGuard demo, click here.