Conduent Incorporated announced the latest addition to its Legal and Compliance solutions technology suite. Legal Invoice Analytics is a new, cloud-based invoice review and validation platform to help in-house legal teams gain insight into, and control over, legal spend with outside counsel.
Legal Invoice Analytics delivers innovative features to drive a more efficient and accurate invoice reconciliation process. Leading law departments can reduce spend by up to ten percent of expenditure on engagements with external firms and reduce staff overhead in review time by up to 80 percent. This is increasingly important as companies consider cost-saving initiatives to help them achieve financial resilience during this public health crisis.
“When an outsized portion of a legal department’s budget is expended on outside counsel, senior leaders are often compelled to use expense control as a proxy for the value that is delivered. They devote far too many hours on invoicing activities when the time is better spent driving legal strategies for the enterprise,” said Beth Fritts, General Manager, Legal, Compliance and Analytics Solutions, Conduent. “Legal Invoice Analytics is a highly-automated technology tool to help corporate legal departments actively manage external firms’ budget and consistently enforce billing guidelines. By optimizing an intensive invoice review and reconciliation process, leaders can now emphasize desired outcomes and results—instead of cost containment—as a measure of the value of outside counsel.”
Review of external counsel’s invoices from even a simple single matter can take an average of five hours or more per month. With hundreds of invoices and thousands of line items every month, accurately managing overspend is an extremely costly and sometimes near impossible task. Conduent’s Legal Invoice Analytics technology uses analytics and automation to transform legal invoice review into an intelligent, accurate and streamlined process. In addition to reducing errors and the time that law departments spend reviewing complex invoices, Legal Invoice Analytics also delivers performance benchmarking, advanced analytics and strategic business intelligence to inform legal spend decisions.
Legal Invoice Analytics is the latest in a series of Conduent advancements that help law firms and corporate legal departments power sustainable and efficient operations and keep pace with rapidly increasing demands to achieve measurable business results. Learn more about Conduent’s newly launched Legal Invoice Analytics tool at https://www.conduent.com/solution/legal-business-solutions/#legal-spend.