Five global legal trends are testing the limits of even the best new business acceptance models. In this ebook, you’ll explore their effects, learn best practices on how to adapt to them, and evaluate your current processes with an assessment checklist.
The legal industry is well past the days when scrawled notes in a day planner constituted time recording. The business of law has changed, requiring that time entries comply with client requirements and firm objectives. We believe the path forward is a new concept that we call “compliant time”: a way to streamline timekeeping and improve time-capture accuracy while also ensuring adherence to OCGs.This ebook explores the gaps and inefficiencies in the current stateat most law firms and shows how compliant time can help resolve these issues. Insights into how current processes impact and inhibit internal law firm stakeholder objectives reveal why firms simply must find new approaches. Declining realization rates, competitive market forces, and lawyer attraction/retention challenges are all factors that point to a need for change in time and billing technology.
In our technology-enabled era, most law firms have moved away from
manual processes to embrace electronic timekeeping. However, many
continue to struggle with time entry accuracy and bill rejections related to
noncompliance with outside counsel guidelines (OCGs). All stakeholders—
finance, operations, lawyers, and clients—want to solve this problem; not
only does it result in inefficiencies of process and reduced realization due to
write-offs, but it also impacts client goodwill. Firms know something needs
to change, but so far, they haven’t found the answer. In short, they have
arrived at a crossroads.
This ebook explores the gaps and inefficiencies in the current state. Insights into how current
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