You may have heard the exciting news that Bellefield has teamed up with ALA to launch the 1st Annual Law Firm Leader Survey on Outside Counsel Guidelines. This is the first time the impact on law firms of outside counsel guidelines, e-billing and billing compliance will be measured.
This is data that is desperately needed. The vast majority of clients now use outside counsel guidelines to manage their outside counsel; however, most firms are so challenged by compliance that non-compliance is now being written off as a cost of doing business.
What many firms may not be cognizant of, however, is just how high this cost is. In just one Am Law firm we worked with recently, we were able to identify over 50,000 non-compliant timecards which placed almost $30 million in revenue and recovered $12 million in savings -- and this was just in one 30 day period.
This cost is too high. We can do better as an industry – and we have to. Over 50% of clients are now grading law firm performance both for the continuance of future work as well as rate increase approvals -- and billing compliance is a significant factor in these considerations. Which is to say, not only can we no longer afford to write off non-compliance as a cost of doing business because of the—at times, millions--revenue at stake, as well as the real impact compliance has on the relationship with your clients.
Please join us as we collect the data that firms need to do better to understand the scope of the challenge OCG compliance presents, as well as to provide the foundation for better business decisions.
The 1st Annual Law Firm Leader Survey on Outside Counsel Guidelines will focus on gathering data to:
- Illuminate firms’ top compliance challenges
- Quantify OCG and e-billing volume, track increase or decrease overtime
- Understand law firm process to review and implement OCGs
- Quantify number of law firms by practice area subject to OCG and billing guidelines
- Determine level of compliance across all law firm sizes
- Determine how law firms ensure they are following the guidelines
- Understand partner/lawyer involvement
- Quantify percentage of rejections, reductions, appeals and write-offs
The Survey, we are delighted to report, has had overwhelming participation to date. All survey participants, of course, will receive a complimentary copy of the final results. Join the compliance revolution! Make a difference and take the survey now. The survey ends September 27th.
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