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.
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.
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.
The Legal Electronic Data Exchange Standard (LEDES) is the most widely used electronic data transmission standard in the legal industry. If your organization receives bills electronically from your law firms, there's a very good chance the firms are using LEDES. The LEDES standard has undergone several revisions over the years, but the most commonly used and easily accessed version is LEDES 1998B.
In today’s dynamic and evolving markets, corporate legal and risk services departments are trying to innovate their operations and produce more cost-efficient outcomes. The decision to take on an e-billing or legal spend management solution can be challenging, and often the decision is made based on misconceptions about what such a solution might offer.
