Aileen Leventon and Jenny Anne Horst-Martz kindly provided me with a pre-release copy of their new publication, “Best Practices for Using Uniform Task-Based Management System Codes for Merger & Acquisition Transactions” that should be available in September for purchase.
The book, which runs 44 pages, does a great job of explaining when the M&A Codes should be used. As far as I am aware, this is the first publication that provides this level of detail behind any of the code sets available for use by law firm in their ebilling submissions.
The LEDES Oversight Committee has released draft UTBMS codes for Mergers & Transactions. You can view the codes and provide feedback through this page until January 8, 2016.
The LEDES Board has ratified the GRC UTBMS Code set developed more than a year ago. The new codes are available here on UTBMS.com.
The LEDES Oversight Committee has formed a development subcommittee to consider UTBMS codes for Mergers & Acquisitions transactions. Go to LEDES,org for more information on how to volunteer for this important initiative.
Old friends Corinna Codd and Rajitha Boer at Yerra Solutions (www.yerrasolutions.com) have been in contact about creating an UTBMS code set specific to knowledge management services. They are forming an expert group and will start work on the codes this summer. They expect to have a final set to present at their conference in London in late October. Thereafter the work of the expert group will be presented to the LEDES Oversight Committee for review and ratification.
It is helpful when expert groups like this form to consider subject matter that may be outside the mainstream expertise of the LEDES membership.
I was pleased to be invited to participate in this effort and look forward to working with their global expert group.
I was honored to be included in the short list of individuals requested to provide feedback on the UTBMS code set drafted by the Jackson Review team. The full project team includes participants local to the England and Wales jurisdictions and, considering that I am based in the US, it was a particular honor to be asked to review their work product.
The draft code set reflects a different way of considering the services provided by law firms and other legal vendors on litigation matters as compared to the original sets set forth in the US. I found the beta set to be very thoughtful and provided a few comments for consideration by the team as they move toward finalizing their recommendations. I am anxious to see their final work product released for public use later this summer.
This project marks a new era in legal ebilling.
- The original constituencies involved in setting standards for legal ebilling were law departments, law firms, consultants, time and billing vendors and the third-party ebilling vendors, and resulted in the formation of the LEDES Oversight Committee.
- We have seen tax authorities in Latin America get involved, legally requiring XML files with electronic invoicing information to run through systems hosted by the tax authority or its designees in order to ensure the government receives appropriate tax payments.
- The Jackson project marks the first jurisdictional-specific UTBMS code set whose usage will be codified into law.
I expect we will see more efforts like this in the future.
A quick update on the LEDES Oversight Committee’s Activity and Expense Code Project: The public comment period closed on 26 October and we received only 8 comments on the proposed revisions. The subcommittee will meet shortly to review the comments and move this project ahead, so look for more on this in future postings.