The relationship between corporate counsel and their outside counsel is usually one that is very strong – built on professionalism, trust and intellect. However, one area that continues to negatively impact this relationship is billing. Retroactive time keeping – entered either at the end of the day, week or month – has been and continues to be the crux of the issue.
Regardless of attorneys’ aspirations to keep track of their billable work for their various clients, the reality is that most do not track their time (or even a majority of their time) contemporaneously as they perform each activity, live, minute-by-minute.
The result is end-of-the-billing cycle invoices that can surprise their clients. General Counsels who oversee multiple law firms can find their legal spend – especially for litigation and investigations – spiraling out of control.
With access to the LeGuard dashboard, General Counsels have instant visibility into accrual so they can manage and accurately forecast legal spend. CFO’s can accurately and reliably accrue legal spend. Time, money and resources are not wasted chasing numbers, estimating costs and negotiating invoices.
The workflow of the lawyer and authorized biller is unaffected by LeGuard; they simply communicate with the client through a click of a button before legal activity begins.
Note: LeGuard allows additions and revisions within an acceptable period of time to make sure that the law firm is not penalized for a memory lapse. This will enable the firms’ responsible lawyer, who reviews invoices before being sent to the client, to reconcile the firm’s invoice with the LeGuard-tracked hours to verify the time entries. Clients can then expedite the bill review and approval process.