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