TyMetrix Introduces a Universal Solution for Law Firms to Streamline Critical Billing Processes With eBillingDeskDecember 9, 2013
Solution Allows Legal Professionals to Validate Accuracy of LEDES(TM) Requirements, Reduce Invoice Rejections and Create Electronic Invoices In-House
HARTFORD, CT–(Marketwired – Dec 9, 2013) – TyMetrix, the global leader in intelligent enterprise legal solutions for mastering the business of law, introduces eBillingDesk, a solution that helps law firms recognize revenue sooner by improving the billing process. The solution enables legal professionals to create, edit and convert time and billing invoices into all six Legal Electronic Data Exchange Standards (LEDES) formats in a desktop application that is compatible with client’s electronic billing vendor platform. This allows firms to limit their outsourcing needs, create efficiencies and reduce billing miscalculations.
“eBillingDesk facilitates editing a LEDES invoice file and can transform a simple LEDES file into one of the newer, more complicated LEDES XML formats that some clients require,” said Jane Bennitt of Global Legal EBilling and president, LEDES Oversight Committee. “More importantly, the system is an economical solution for global firms that are not able to create LEDES invoice files from within their time and billing or timekeeping systems.”
The solution was designed after research with law firms to determine how they can embrace technology to improve their value proposition in the new normal of the legal industry. eBillingDesk was then designed around these concerns, which are:
- Improve productivity of law firm resources to accelerate payment.
- Create operational efficiencies to reduce time-consuming manual tasks.
- Maintain global compliance with jurisdictional taxes.
- Improve accuracy of invoice data to capture total case cost for analysis in the appropriate LEDES format.
- Establish a secure environment for client data by reducing the need for outsourcing.
“Law firms are pressured to streamline operations to remain competitive. Increasing invoice precision and reducing rejection rates is one solution to this challenge,” said Deepthi Bathina, vice president, global product management and marketing, TyMetrix. “Firms want to leverage technology that provides a versatile, easy-to-implement and cost-saving solution to validate invoice accuracy and format that is compatible to individual client’s platform. eBillingDesk answers this need.”
TyMetrix’s forward-thinking technology innovations leverage common applications to help legal professionals remain competitive in today’s market. eBillingDesk Excel-like functionality is familiar and easy to use and its universal capabilities means electronic invoices can be generated in any standard LEDES format for submission to TyMetrix 360 degrees or any other billing platform in the market. The solution will also update automatically to comply with future LEDES codes for governance, risk and compliance codes expected to ratify in 2014.
TyMetrix is a global market leader in delivering intelligent enterprise legal management, professional services, and legal analytics solutions that empower corporate legal departments, law firms and claims organizations to manage the business of law. It provides clients with quality legal management software, services and solutions, including spend and matter management, collaboration, performance metrics, and the expertise required to manage risk, reduce costs and gain the insight required to meet their strategic objectives. The brand’s TyMetrix Legal Analytics service offering combines unparalleled analytical and legal domain expertise with LegalVIEW®, the world’s largest permission based contributory data warehouse of legal performance data. Legal Analytics provides predictive and analytical models, benchmarking and insights to legal departments and all professionals involved in managing the business of law. TyMetrix is part of Wolters Kluwer Corporate Legal Services. For more information, please visit www.tymetrix.com.
About Wolters Kluwer Corporate Legal Services
Wolters Kluwer Corporate Legal Services (CLS) operates a distinctive, global portfolio of market-leading legal services companies, including CT Corporation, NRAI, BizFilings, CT Lien, Corsearch, and TyMetrix. It serves 70% of the Fortune 500, 90% of the AmLaw 100, 80% of the 100 largest U.S. banks and hundreds of thousands of small business owners. As pioneers of the legal compliance services space, CLS is the trusted partner of choice for legal compliance, due diligence, brand and performance management solutions. A business of Wolters Kluwer, a market-leading global information services company, CLS employs a network of over 1,500 professionals in 54 offices around the world.