Legal Bill Review
Legal Bill Review (LBR) plays a vital role in litigation spend management through the review and analysis of law firm invoices against service level agreements. LSG's LBR team of qualified lawyers provide a comprehensive review of legal invoices across different jurisdictions, matter types and complexities.
What is the Cost of Legal Bill Review: Overview and Examples?
We want to make matter review pricing clear and straight forward for our customers as your time is valuable, and we want to build your trust. Our pricing structure has two components: a licensing/maintenance cost and a per invoice cost.
Both of these pricing structures are intended to cover the costs of servicing your account and ensuring consistent quality, whether you’re a small or big company.The licensing/maintenance cost is 0.25-0.45% of your annual spend:
|Annual Spend||Cost as a % of Spend|
|< $10M USD||0.45%|
The second element of our pricing model is the per invoice cost, which depends on the number of invoices we would handle on your behalf, from $1.50-2.00 per invoice:
|Annual Invoice Count||Cost per Invoice|
|< 10K invoices||$2.00|
For example, if you spend $200M per year through invoices, we charge say would charge 0.20% (20 BPS), ($400K/annum), to cover the licensing of our software, maintenance costs to reinvest funds back into the product and our support team. If that $200M in spend reflected 250K invoices, we would add a per invoice fee of $1.50/invoice ($375K/annum).
In total, that’s $775K in the first year to replace your company’s legal bill review unit/process.
The service can be used to review submitted invoices on clients’ systems or Advocator System® ELM for on-going litigation and/or for closed cases or matters. Our legal bill review services not only reduce the burden of meticulously reviewing "line items" of the legal invoice but also enable the client to take informed business decisions concerning litigation spend and supplier performance. Our LBR service is a flexible and customizable service which can be configured according to clients' requirements.
The primary focus of the LSG LBR team is to ensure adherence to billing terms agreed between client and suppliers in service level agreements, with the preservation of the good relationship between them always in mind. In addition to the billing terms, the attorneys will focus on other areas such as adhering to UTBMS global billing standards, avoiding block billing and vague descriptions etc., which ensures clarity and accuracy in the invoices. LBR plays a vital role in bringing maximum accuracy to statistical reports concerning litigation spend.
- Invoice compliance against the client's Service Level Agreement or Billing Guidelines.
- Delivers accurately validated invoices by correcting mathematical and other data such as "Timekeeper Rate", "Duplications", "Expenses Caps" and "Approval Requirements" etc.
- Key reports such as law firm performance comparative analysis, Guideline Non-Compliance, activity bill and expense bill analysis are generated.