Corporate Counsel Billing Guidelines: Improving Revenue Realization with ALB

By ALB In Legal On 26 Oct 2023

Corporate counsel billing guidelines are essential for law firms of all sizes to ensure accurate, timely, and compliant invoicing, leading to improved revenue realization. However, complying with these guidelines can be challenging, especially for large law firms with complex billing requirements. So how is it possible for law firms to comply with these guidelines? This is where Accurate Legal Billing (ALB) comes in.

Accurate Legal Billing is a cloud and web-based platform that helps law firms of all sizes comply with corporate counsel billing guidelines. ALB offers a range of features that automate and streamline the billing process, including:

• Automatic billing guideline checks: ALB automatically analyses time and expense entries for compliance with billing guidelines, enabling law firms to identify and rectify issues before submitting invoices.

• E-billing integration:  ALB seamlessly integrates with leading e-billing vendors, simplifying the process of submitting invoices while precisely adhering to client billing guidelines.

• Reporting and analytics:  ALB provides law firms with comprehensive reports and analytics, allowing them to monitor their billing compliance performance over time and identify areas for improvement.

• Reduced workload:  Automation within ALB reduces the manual tasks associated with billing compliance, liberating law firm staff to focus on client service and business development.

• Enhanced accuracy:  ALB’s automated system meticulously identifies errors and omissions, reducing disputes and eliminating the need for corrected invoices.

• Increased visibility:  ALB’s reports and analytics empower law firms to monitor and improve their billing compliance performance continually, ensuring consistent client satisfaction.

How ALB Can Boost Revenue Realization

By complying with corporate counsel billing guidelines, law firms can significantly enhance their revenue realization through:

• Reduced write-offs: A recent survey revealed that law firms, on average, only write off 3% of their billed hours due to billing guideline compliance issues.

• Faster payment:  According to a study by Legal Management, a staggering 65% of law firms that comply with corporate counsel billing guidelines receive payments within 30 days of submitting invoices.

• Improved client satisfaction:  The Association of Corporate Counsel reports that 80% of corporate counsel are more likely to engage with law firms that diligently follow their billing guidelines. This leads to heightened client satisfaction and the potential for repeat business.

Accurate Legal Billing is a powerful tool that can help law firms of all sizes comply with corporate counsel billing guidelines and enhance their revenue realization. If you’re looking for a way to improve your law firm’s billing compliance and financial performance, Accurate Legal Billing is the solution for you.

Visit our website and schedule a demo today to learn more about how ALB’s AI-powered platform can help your law firm comply with corporate counsel billing guidelines and improve your revenue realization.