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.
$200 million spend
Legal Executive Institute puts the revenue for the US legal services market at more than $435 billion, and the US 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. ALB says its platform 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.
The provider says with its easy-to-use ALB dashboard the services allows timekeepers to log daily activities minute-by-minute and use preloaded ABA codes to prepare and update invoices as each case progresses. As well, ALB 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, which ALB says ensures invoices are one hundred percent compliant with their client’s billing guidelines or service level agreement.