AI is set to reduce law firms’ revenue realization by 20%
Legal e-billing applications aid in automating the invoice submission, review, and approval process. By reducing the need for human review, legal e-billing tools eliminate much of the inefficiencies that go hand-in-hand with a manual process and ensure full compliance with clients’ billing guidelines.
E-billing companies such as Brightflag and Wolters Kluwer LegalVIEW® are now using one or two branches of artificial intelligence known as natural language processing (NLP) and Machine Learning (ML) to access detailed invoice line entries and the unstructured data, which support the billing codes.
When NLP is coupled with machine learning (ML) technology, the platform’s ability to interpret and understand variations in unstructured text data like abbreviations or legal jargon improves over time. The output from these platforms is also much more granular and informational. This because the NLP reads and analyses every invoice line entry narrative in the same way, leaving no room to errors.
Must if not all the e-billing companies using NLP and ML in their invoices review process state that they will deliver up to 20% in billing guideline compliance, in order words they are claiming that they will reduce law firms invoices by up to 20% for non-compliance with clients’ billing guidelines, and this with AI alone.
As these AI tools become more and more intelligent and understand law firms' narratives and billing pattern law firms stand to lose a lot of money now and in the future.
Law firms, which are purely relying on their attorneys and billing teams to ensure compliance with their clients’ guidelines, stand to lose the most. However, the opposite is true for law firms who are innovative and adopt innovative technologies like ALB AI
ALB with its AI Time Entry Cleansing is the leader in NLP and ML in the e-billing industry when it comes to helping law firms comply with their client's billing guidelines and prevent e-billing reductions and appeals.
Most of the law firms using ALB AI have seeing reductions in write-offs, appeals, and almost total compliance with each of their clients’ billing guidelines.
If your firm is on the market looking for a tool that can easily be integrated with your current billing and accounting platform to help ensure compliance with your client’s guidelines, please visit the ALB website to read more or to schedule a demo
About Andre Wouansi
Andre Wouansi, Founder/CEO at ALB Andre is considered a veteran in the legal industry. Prior to ALB, for two nearly decades Andre Wouansi was one of the owners at a global e-billing company that helped Insurance companies, TPAs, and Self-Insured corporations “control” they legal spend with e-billing software designed to strictly enforce billing rules and guidelines. Andre’s previous company reduced nearly $2 billion dollars off law firms’ invoices.
ALB was created in 2018 to help law firms easily comply with clients’ billing guidelines and prevent e-billing reductions, which lead to delay in invoices processing and payment.
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