Law and Claims departments that continue to rely on paper bills have little insight into their legal spend. In fact, some do not even know exactly how much they are spending or the precise number of firms they are using. Even basic data, surprisingly, is often unattainable. Legal eXchange™ remedies this situation through e-billing, where legal invoices are captured electronically.
Departments that use Legal eXchange have integrated budgeting capabilities that allow for both broad and task-based budgets to be built. As invoices enter Legal eXchange, those that are connected to a specific budget will be immediately applied and the budget will be updated in real-time. Users can proactively report on matters that are close to or exceeding the budget and communicate strategic changes to their outside counsel.
Legal eXchange budgets are easy to use and provide users with:
- Real-time reporting of budget vs. billed invoices
- The ability to copy budgets used from similar matters
- Improved forecasting and planning.
Similar to other parts of Legal eXchange, budgets are easy to create, manage, and update. Departments using budgets can set certain preferences with their firms (such as a budget must exist prior to billing can begin) depending on their business processes.
To learn more about budgeting with Legal eXchange, listen to our Webinar on Budgeting Best Practices.
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More than 8,500 law firms use Legal eXchange on a daily basis to submit electronic invoices to corporate legal and insurance claims department clients. Request our list of law firm users. |