We just updated the Contract Management solutions page to remove a number of bad links (so many solutions bought and sold!) and add new solutions. For those who self-serve, please browse! Keep in mind that we can assist if you are looking for a contract management expert for help with your selection and implementation experience.
This year I began to receive notices of awards from numerous legal publications. The offers were remarkably similar, all notifying me that I had been nominated by my peers in legal for a prestigious award and was a finalist based on recent voting. Some of the awards received so far this year include:
- Finance Monthly’s Legal Awards Global Award 2019.
- CIO Application’s Magazine’s Top 10 Legal Tech Consulting/Services Companies 2019
- Lawyer Monthly’s Women in Law Awards for 2019
- and then again Finance Monthly’s Global Award 2019.
And this doesn’t include the number that I deleted before I started saving my “Award” notifications. I think my favorite early honor was one that named me as a top lawyer. I corrected them several times that I was not a J.D., but apparently that wasn’t enough to disqualify me from the award.
Each of these honors required a fee to be interviewed and for the printing, shipping, etc. of the award. So my question is this: Who pays for an award?
Recently Forbes Magazine published an article on top corporate law firms in the Americas, which can be found here. I believe I have finally found an award I can respect. At the bottom of the page you will see the following note: “Companies do not pay a fee for placement on the list, which is independently determined by Forbes.” My congratulations to all who were honored on the Forbes list and to Forbes for their methodology and process.
I have learned of a couple new ebilling and matter management systems available to law departments, CaseGlide and Legal Track Software. The listings have been added to our Resource Room list of law department ELM solutions.
I have been leading the Tax Accommodation Subcommittee for the LEDES Oversight Committee for the last year, spearheading changes to the global ebilling formats for two projects:
Project 1: Accommodating a greater number of cursor columns to the right of the decimal separator for the tax rate only. These proposed changes impact LEDES 98BI and XML Ebilling 2.0 and 2.1.
Project 2: New functionality to accommodate Tiered Taxes. The changes required are extensive and result in the creation of LEDES XML Ebilling 2.2. The proposed solution adds 2 new segments and 13 data elements to the file and significantly changes the invoice math statement.
You can access the proposed changes and feedback survey through https://ledes.org/proposed-standards-requiring-public-comment/, which page includes a link for providing public feedback on the proposed standards. The public comment period will remain open until 8 September, 2019.
It is conference season and with that comes news of acquisitions and new products.
Wolters Kluwer ELM has acquired CLM Matrix, a contract management platform, filling in a gap in their product offering.
Onit has acquired SimpleLegal, a law department-focused ELM system.
Also in the news is a new law firm billing program, Accurate Legal Billing. It is in the vein of other systems recently in the news that purports to produce bills that comply with client guidelines.
Look on our Law Department and Law Firm Resource Room pages for links to each of these products
There is a new trend in law firm billing: functionality to check compliance with a client’s outside counsel guidelines.
As law firm ebilling professionals can attest, it is virtually impossible to remember all of a client’s billing requirements, especially when law departments that don’t require ebilling also issue billing guidelines.
This new feature allows firms to capture quantifiable client requirements so that the system can validate line items at the point of entry for compliance. The idea is to mimic the functionality provided in law department ebilling systems that test time entries so that law firms are more likely to submit a compliant invoice on their first submission.
While the structure and composition of a time or expense entry is the focus of many rules, others look at the invoice structure and other aspects (like rates and budgets) which are not available to the law firm at the point of time entry.
Nonetheless, this is a great new feature that law firms should look for when shopping for tools.
GLE founder Jane A. Bennitt will attend the Elite Vantage conference in London, UK on February 21-22, 2018. If you are London based and would like to meet, use the “Contact GLE” feature here to set up a meeting.
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.