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Managing Your Legal Spend, Part Four: Objective & Subjective Review

Compliance review is a vital component of legal spend management. Compliance review, in terms of legal spend management, examines law firm invoices and compares them with how completely they conform with the client’s billing guidelines. In depth compliance review requires knowledge of the law firm, the law firm’s billing experience, the common practices of the legal industry, as well as insight into the particular body of law that is being practiced. Although the specifics of the tasks and costs vary between clients, there are a few consistent methodologies used to review legal invoices for compliance with client’s billing guidelines, including the objective and subjective review of invoices. The objective review is usually a surface level review that looks at the basics of whether the bill itself is complete and made without errors, and the subjective review digs into the meat of the work being completed to see how appropriate it is in light of the client’s overall litigation goals.

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UTBMS Codes, Part Two: Phase Coding

One general ideal of analytics is to drill down further and further into data while still maintaining a large sample size in order to gain meaningful insight into that data. When it comes to legal spend, data at the task level is more informative than data at the case level which is more informative than data at the law firm level, and so on. Therefore, the biggest benefit of the UTBMS framework is phase coding. With phase coding, line item entries of an invoice can categorized into one of five phases: case assessment, pre-trial pleadings/motions, discovery, trial, and appeal. The ability to break matters down into these subsets provides significant value in a few key areas.

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Implementing a Legal Spend Management Solution, Part Two: Planning Your Implementation

Once you’ve generated internal buy-in for a legal spend management solution, you can switch gears and begin planning implementation. Rolling out a new solution doesn’t have to be complicated. A basic implementation can happen in three overlapping phases.

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Experts and Non-Law Firm Vendors: Are You Missing a Piece of Your Legal Spend?

Congratulations! You have implemented a legal spend management solution, the legal department is saving money, and legal spend metrics are starting to positively impact department processes. Breaking legal spend into fees and costs, viewing information by firm and case, and identifying trends have never been easier with the new system in place.

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UTBMS Codes, Part One: A Troublesome History

Decades ago, as the data revolution gained momentum, the legal industry lagged behind other industries in mining data for analytics. This was, in part, because the legal industry is notoriously conservative and slow to change. Also, legal data was thought to be too variable in nature—making predictions based on historical statistics would be difficult because outcomes and measurables are on a case-by-case basis. But the main reason why the legal industry was late to the data revolution was that law firms had their own unique billing habits, which made comparisons across firms impossible. There was a need for a common, unifying language and method for tracking legal spend.

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Happy Holidays from Quovant

To our clients, partners, families, and friends all around the world: Thank you for your help in making this year successful and memorable. We hope that you join us in celebrating the merriment of this holly, jolly season, and we wish you all a happy and prosperous 2017.

From our family to yours, Happy Holidays!

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3 Important Design Concepts for Legal Tech UX/UI

First impressions are important.  When it comes to creating legal spend management software, it’s easy to say that achieving success starts with a well-thought-out design, but what does that actually mean? A users’ experience within the application is vital to its success. Here are three concepts I keep in mind while designing.

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Implementing a Legal Spend Management Solution Part 1: Generating Internal Buy-In

Most General Counsel or Risk Managers have probably considered implementing an ebilling solution for help with managing legal spend. If you have, you’re probably familiar with just how many challenges the implementation of such solutions can present, and how difficult those challenges may be to overcome.

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Billable Hours: A Guide for Clients

Hourly billing is the most common fee arrangement you will encounter when working with law firms. The concept of a “billable hour” can seem a bit strange at first, especially for clients more accustomed to dealing with other professions.

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Happy Thanksgiving from Quovant

Thanksgiving is right around the corner, and we wanted to take a moment to appreciate the things that matter most to us.

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