Viewabill - Mitratech

Viewabill

Legal departments and law firms continually express a desire to improve relationships by becoming more collaborative and transparent on legal spend, yet they lack a common language to communicate with each other. Disputes over the time spent on matters, the timekeepers, their corresponding rates and charges happen well after the actual work is completed. Legal departments continue to invest in technology to review and adjust invoices, while law firms incorporate pricing strategies to maximize realization rates based on the client’s willingness to pay.

Viewabill

How Viewabill solved similar challenges for our clients

Legal departments are facing increased budget scrutiny and expanded expectations on legal spend management and reporting. Without real-time visibility or collaboration on billable time, they are left in the dark wondering if a matter will come in over budget, over time, or over scope. With Viewabill, in-house legal teams are able to leverage the same data source as their law firms, and use that real-time insight to proactively monitor progress and analyze trends.

Law firms work diligently to provide clients with the best possible outcomes. They need to create a new normal about the delivery of legal services that represents value to both parties. Viewabill represents a way for the pricing director to do just that by using technology to promote transparency both internally and with clients. Over 140 law firms, including 30% of the AmLaw 200, are already using Viewabill to collaborate with their corporate clients as well as increasing visibility within the firm.

By highlighting that you’re assessing these [billing] items, it shows the culture of the firm is promoting administrative collaboration.

– Vincent Cordo, Director of Client Value, Reed Smith LLP

The tools to help you thrive in challenging situations

When the legal department uses Viewabill, value is created by:

  • Saving up to 5-10% of legal spend on matters shared through Viewabill, providing better invoice hygiene
  • Improving the accuracy of the invoice by reducing time entry delay from an average of 27-30 days to 5-7 days
  • Receiving invoices approximately 20 days sooner by lessening the amount of unbilled inventory
  • Enhancing the accuracy of accruals and forecasting, while reducing the staff time updating related budgets by 80%

When a law firm uses Viewabill, value is created by:

  • Practicing near contemporaneous time entry as the work being completed
  • Realizing 90% of invoiced rates (vs. industry standard of 83%)
  • Reducing unbilled inventory by creating high level visibility across the firm without revealing matter details
  • Having the firm recognized as a market leader by reducing disputes and providing transparency to its corporate clients