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.
So, that brings us here, to another first that we’re thrilled to announce. We’ve proudly partnered with the Association of Legal Administrators (ALA) to bring you the industry’s first survey on OCG and billing compliance. Through this survey, we’re looking to bring the following information to professionals like you:
- Firms’ top compliance challenges
- The volume of OCG and e-billing, and its increase or decrease over time
- The typical law firm process to review and implement OCGs
- Number of law firms by practice area subject to OCG and billing guidelines
- Level of compliance across all law firm sizes
- How law firms ensure they are following the guidelines
- Partner/lawyer involvement
- Percentage of rejections, reductions, appeals and write-offs
- Top reasons for rejections and appeals
While OCG compliance as a topic has long been one that is met with frustration and feelings of overwhelm, we have to come together as an industry to move the needle forward. You can be part of the future by sharing your insights in our first ever, Annual Law Firm Leader Survey on Outside Counsel Guidelines.
Topics: outside counsel guidelines