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Accurate Legal Billing (ALB) rolled out its AI-powered, cloud-based legal billing platform this week. The platform is designed to help law firms more consistently improve their cash flow and billing efficiency.
Legal Executive Institute puts the revenue for the U.S. legal services market at more than $435 billion, and the U.S. makes up nearly half (46.4 percent) of the global legal services market. Law firms spend in excess of $200 million a year just on electronic billing services; still, the average reduction by bill review vendors across the U.S. is about 6 percent, or $26 billion.
Accurate Legal Billing minimizes the likelihood that invoice payments will be reduced or delayed for inaccuracy by automating the billing process. Law firms using ALB are provided personnel access to mobile and or web applications that allow their timekeepers to capture daily activities on the go and their billing department to prepare invoices and convert them to suitable formats such as LEDES98B, LEDES98BI, XML 2.0, XML 2.1, Chubb and other standard formats upon completion.
From the easy-to-use ALB dashboard, timekeepers can log daily activities minute-by-minute and use preloaded ABA codes to prepare and update invoices as each case progresses. As well, Accurate Legal Billing allows users to bill using different charging methods such as- flat fees, matter-specific fees, contingency fees or hourly rates.
Invoices are manually submitted to ALB for automatic validation where mathematical errors, incorrect timekeeper rates, and duplicate line entries are detected and corrected. The platform also allows users to correct non-compliance errors highlighted by the automatic validation system, ensuring invoices are 100% compliant with their client’s billing guidelines or Service Level Agreement.
Accurate Legal Billing includes an intuitive system that learns as users add new information, so that as the firm’s business changes so does ALB.
Law firms can contact Accurate Legal Billing to request a demo of the software, get more information, and get a custom estimate to access the service.
Accurate Legal Billing: Accurate Legal Billing is the world’s first billing platform that automates the process of validating billed services allowing law firms to prepare and submit invoices that are 100% compliant with client SLAs.
Accurate Legal Billing Mission: To help law firms across the world improve their cash flow and billing efficiency, by easily capturing their daily activities, preparing and submitting invoices that are 100% compliant with their clients’ billing guidelines.
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