Legal Billing Review Technology: A Cost-Effective Solution?
As many law firms are aware, there is a constant battle between saving money and not skimping on productivity and results. As we discussed in a previous article, analyzing billing practices is a key component to achieving best practices among the law sector. Now, with even more advanced technology and its results evaluated, these advancements have made for a more efficient and cost-effective business, which can limit Lawyer Professional Liability.
Mitratech CEO Jason Parkman told Inside Counsel that legal departments are often expected to do more with less money, and cutting costs without cutting productivity is critical. “This means that GCs have to find innovative ways to increase productivity—including implementing technology that makes the team more efficient and even smarter, leveraging lower-cost legal service providers to handle routine work, and instituting new billing models and higher expectations for their law firm partners,” he stated.
One such company is Elevate. They offer legal bill review services to take the pressure off of lawyers, which allows them to delegate their time elsewhere. According to Inside Counsel, its legal billing review service offers enhanced invoice management, cost control processes, and reduces cycle time between invoice receipt and payment and payment discounts.
Other companies offer similar services, as well, and can help to reduce legal costs by 10 percent. Further, this solves a direct problem as many firms don’t have the time to take on such responsibilities, and Elevate solves precisely that, says Parkman.
A partnership with a legal billing review technology provider can help to reduce spending and improve productivity among law firms nationwide.
In addition to bringing you the latest news from the insurance industry, PL Risk provides Resources for Agents and Brokers nationwide. We’ve recently implemented Hiscox Now, which allows agents their own access to Hiscox and instant quoting. To learn more about our operations, contact us today at (855) 403-5982.