Nov 07, 2024 | AI
Legal Tracker Continues Delivering Benefits – and Results – to Legal Departments Worldwide
Legal Tracker's innovative approach to cost management enhances legal department efficiency
Controlling spend remains a top priority for legal departments. To manage costs effectively, enforcing billing guidelines is widely regarded as a best practice, helping to reduce invoice fees and expenses. Additionally, more than half of legal departments have adopted other cost-control measures, including reviewing high-cost matters, implementing standard discounts to timekeeper rates, negotiating lower rates, and setting clear law firm matter budgets.
In addition to these cost-control strategies, many legal departments rely on Legal Tracker from Thomson Reuters, the market-leading legal spend management solution. Legal Tracker has an extensive market presence, with $250B in legal spend analytics, allowing clients to benchmark their performance against peers. Its global directory consists of more than 120,000 legal vendors, including all Am Law 200 firms and Global 100 firms.
And it delivers results. Legal Tracker enables law firms to streamline operations and reduce annual legal spend by up to 15%. A Forrester Total Economic Impact Study reported a 372% return on investment over three years with a payback period of just six months.1
According to Alex Dobson, director, Product Management from Thomson Reuters, “Legal Tracker is designed to enhance efficiency, and our clients typically see the system pay for itself within just six months, thanks to significant time savings and process improvements.”
But Legal Tracker isn’t stopping there to enhance legal department efficiency. Thomson Reuters is committed to innovation by investing $100M annually in AI over the coming years. For Legal Tracker, this includes AI-powered invoice audits and streamlined matter intake. Customers can also expect enhanced ROI through AI-enabled detection of duplicate charges and overbilling, as well as the automatic conversion of non-LEDES invoices to LEDES format.
The Legal Tracker team isn’t relying solely on AI, however. A new partnership with LegalBillReview.com adds a human touch to the innovation and savings that Legal Tracker delivers. LegalBillReview.com is a team of U.S.-licensed attorneys dedicated to identifying and correcting billing errors and overcharges on outside counsel invoices.
The team collects bills directly from Legal Tracker on behalf of the client, performs a detailed analysis, and presents the findings to the law firm. They manage appeals, apply invoice-level adjustments where necessary, and finalize bill approvals within Legal Tracker, after invoice audits have already run on invoices.
“Our purpose is to save in-house personnel resources, freeing staff to focus on high-value work for the business,” said Ryan Loro, president, LegalBillReview.com. “On average, we help customers save 12% on their legal expenses.”
“The partnership is a great fit,” added Dobson. “Our customers want additional support for manual bill review and approval, and having a human set of eyes to ensure compliance and resolve billing issues creates a smooth, transparent billing process.”
1 Forrester Total Economic Impact Study, 2023
