Posted byGaby Isturiz on August 23, 2019 at 2:28 PM
It’s a word you’ve heard a million times. Perhaps you’ve even used it many times yourself. It’s something that most companies want to do, or be known for. But, can you define it?
The word innovation is overused in our society to the point where it can seem like it is everywhere. But yet, it’s hard to describe. Oxford defines innovation as “ A new method, idea, product, etc.” but this definition misses the mark. Innovation is so much more than simply releasing something new (like a new feature), it’s making something better than it was before. New, after all isn’t always better. Innovation should always be about bringing forth more value in contrast to what was possible in the past.
That leads us to one of the most significant challenges the legal industry is facing right now: compliance with Outside Counsel Guidelines (OCG) and billing requirements in order to keep clients, get paid and minimize delays in cash flow. In today’s competitive legal market, this is a “make it or break it” issue.
Last year, we launched the first-of-its-kind full-scale OCG management system, formalizing our quest to eliminate revenue loss for firms due to non-compliance with client guidelines. Firms are experiencing quick wins with this solution for OCG compliance - which makes us unbelievably proud - by saving up to 15k per day in would-be rejections, or recovering 12M in 30 days of using the solution.
We’re just getting started. We won’t stop until all law firms gain control over their compliance so that they can stop losing revenue and clients due to inefficiencies in the timekeeping and billing processes.