TyMetrix, the global leader in intelligent enterprise legal solutions for mastering the business of law, introduces eBillingDesk, a solution that helps law firms recognize revenue sooner by improving the billing process.
The solution enables legal professionals to create, edit and convert time and billing invoices into all six Legal Electronic Data Exchange Standards (LEDES) formats in a desktop application that is compatible with client’s electronic billing vendor platform. This allows firms to limit their outsourcing needs, create efficiencies and reduce billing miscalculations.
"eBillingDesk facilitates editing a LEDES invoice file and can transform a simple LEDES file into one of the newer, more complicated LEDES XML formats that some clients require," said Jane Bennitt of Global Legal EBilling and president, LEDES Oversight Committee. "More importantly, the system is an economical solution for global firms that are not able to create LEDES invoice files from within their time and billing or timekeeping systems."
The solution was designed after research with law firms to determine how they can embrace technology to improve their value proposition in the new normal of the legal industry. eBillingDesk was then designed around these concerns, which are:
Improve productivity of law firm resources to accelerate payment.
Create operational efficiencies to reduce time-consuming manual tasks.
Maintain global compliance with jurisdictional taxes.
Improve accuracy of invoice data to capture total case cost for analysis in the appropriate LEDES format.
Establish a secure environment for client data by reducing the need for outsourcing.
"Law firms are pressured to streamline operations to remain competitive. Increasing invoice precision and reducing rejection rates is one solution to this challenge," said Deepthi Bathina, vice president, global product management and marketing, TyMetrix. "Firms want to leverage technology that provides a versatile, easy-to-implement and cost-saving solution to validate invoice accuracy and format that is compatible to individual client’s platform. eBillingDesk answers this need."
TyMetrix’s forward-thinking technology innovations leverage common applications to help legal professionals remain competitive in today’s market. eBillingDesk Excel-like functionality is familiar and easy to use and its universal capabilities means electronic invoices can be generated in any standard LEDES format for submission to TyMetrix 360° or any other billing platform in the market. The solution will also update automatically to comply with future LEDES codes for governance, risk and compliance codes expected to ratify in 2014.