Bodhala & E-billing: Going Beyond The Invoice With Analytics.
If your legal department has an e-Biller, great! Your team has taken the first step to move your legal department out of the dark ages…but don’t stop there. E-billers help tell you what you paid, but not what you should spend.
* * * * *
For over two decades, corporate legal departments have turned to E-billing platforms out of necessity. The processing and managing of bills and legal spend with their outside firms have become far too cumbersome without automated assistance, and the work and payment structures have grown increasingly complex as the years go on.
Many companies already have and rely on E-billers to manage basic legal spend needs. Wolters Kluwer’s Passport, Thomson Reuters’ Legal Tracker, and LexisNexis’ CounselLink are just a few of the major players in this legacy market. Despite this abundance of companies addressing legal administrative tasks, there is a lack of innovation addressing the strategic and analytical initiatives of legal departments. This innovation gap results in an overworked in-house legal team, spiraling costs, inaccurate reporting, and an inability to make data-driven decisions.
Why is a change needed now? The average rate per outside counsel hour across the AmLaw 200 has gone up 30% since 2014. With legal rates increasing every single year, and with fee arrangements and billing structures becoming more and more complex, there are problems E-billers just can’t recognize or solve. Even the most advanced e-Biller’s core function is to process an invoice, and that’s their technological ceiling. What’s lacking is true, marketwide data analytics to give in-house legal teams total control of their legal spend and distinct measurement of historical deal spend to untangle hidden aspects of legal tasks.
The Bodhala platform is designed by lawyers for lawyers to go beyond E-billing. Our proprietary platform gives GCs, CLOs, and their teams the tools to not only ingest and clean up their E-billing data but understand the nuances of their spend and make confident decisions with outside counsel. Using revolutionary machine learning algorithms designed to surface and correct the most complex of legal billing situations, Bodhala is able to sort out blended billing rates to identify the best talent for a matter. Our platform offers groundbreaking legal technology solutions that empower teams to analyze, interpret and optimize outside counsel spend — trailblazing a new era of legal market intelligence. Real transparency, real accountability, real control.
Below we’ve outlined the key differences between Bodhala and E-billers.