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Issue link: https://digital.canadianlawyermag.com/i/50891
provides corresponding dashboard and e-mail alerts to outside counsel. Outside counsel save information to our shared file, describing specific activities that support potential exit points before trial. The lawyer and I upload dates and deadlines to our shared file so we all work from the same calendar. I review monthly summaries of progress against the plan, either as they are submitted or as part of bill review. For example, when a report says outside counsel is looking for a specific type of expert witness, I recommend one who was effective in a similar case. I can also upload discovery responses, briefs, and other documents used in similar cases, so outside counsel don't re-create the wheel. By working together in the same system, we leverage our collective experience to save time and money. Advantages of early assessment and periodic monitoring • By requiring a thorough early case assessment including a plan for potential exit points, you have a better chance of avoiding expensive motions, discovery, and trial. • Periodic status updates help you see if the case is on plan, avoiding surprises and enabling the company to participate in strategic decisions that arise. • The shared online system can ensure requirements for information are met by holding the firm's bills until over- due information is provided. Both inside and outside coun- sel benefit from having all information about deadlines, status, documents, etc. in a single shared file, accessible from anywhere they have an Internet connection. Require a budget 1:00pm q A framework for financial efficiency In addition to an early case plan, I require a budget out- lining the costs for reaching each potential exit point. Having a budget sets expectations regarding a level of activity that matches what is at stake, making it clear that the leave-no-stone-unturned approach is unacceptable. The system automatically compares the approved budget with bills as they are submitted, providing me with another convenient way to assess progress. Any bill that comes in over budget is automatically flagged for closer review, so I can discuss why the firm is ahead of budget and whether we need to adjust our plan. Advantages of budgeting • Budgets encourage outside counsel to thoroughly evalu- ate the case and set a realistic financial plan that matches the strategy. • When the system automatically checks spending against a budget, outside counsel are more careful to control costs and more likely to obtain client approval before exceeding the agreed plan. TO DO: Law Firm Perspective Virtually all law firms with corporate clients use multiple legal spend management systems. Often, firms prefer working electronically and appreciate consistent ways to communicate with clients. To see how approximately 1,000 firms assessed specific systems, see the 2010 ALM Legal Intelligence report: www.almlegalintelligence.com/ebillingsurvey.pdf Audit invoices 2:00pm Hold firms accountable Instead of paper bills or electronic copies of bills, we receive e-bills, which means all the billing data flows — in the uni- versal Legal Electronic Data Exchange Standard (LEDES) format — from firms' time-and-billing systems into ours. The beauty of this is that firms can upload all their bills with one click; those bills immediately post to the correct matters; they are automatically audited for budget and bill- ing guideline compliance; and I receive an immediate dash- board alert, including useful summaries with every bill. With each bill, I can see at a glance how much time each person spent, including allocations by partner, associate, and paralegal. The system also flags people who haven't worked on the matter before, rate changes, violations of our expense guidelines, and budget overruns. It also allows me to accept or reject specific items or the entire bill with a single click and include comments to the firm. Finally, the system automatically recalculates the bill for revisions I have made, and captures any explanations I want to provide to outside counsel. While reviewing the bill, it just takes a single click to see the detailed budget history, current status report, case plan, and prior bills. Consequently, reviewing bills gives me