The corporate legal industry is constantly evolving, and one of the latest innovations making waves is the introduction of artificial intelligence (AI) technology into legal bill review processes. Our recent infographic highlights how AI can be a powerful tool for driving cost and process efficiencies, improving invoice accuracy, and streamlining siloed legal departments.
The infographic begins by emphasizing the significant impact that AI can have on legal bill review. With the ability to analyze vast amounts of data quickly and accurately, AI can automate repetitive and time-consuming tasks, allowing legal professionals to focus on higher-value work. This results in measurable improvements and efficiencies, like up to 10% cost savings in legal spend and up to 20% increase in billing guideline compliance, all while driving better relationships with law firms.
Manual bill review processes can be time-consuming and labor-intensive, involving multiple stakeholders and paper-based documentation. With AI, the entire process can be automated, from invoice submission to review and approval, reducing the need for manual intervention and speeding up the overall billing cycle. This can result in faster invoice processing times, improved workflow management, and reduced administrative burden for legal departments.
In addition to introducing cost and process efficiencies, AI can also play a significant role in breaking down silos within legal departments. This infographic highlights that legal departments in organizations often operate in isolation, with different teams handling different types of legal matters. AI-powered legal bill review solutions can provide a centralized platform for invoice management, allowing all legal teams to access and review invoices in a consistent and standardized manner. This fosters collaboration, promotes transparency, and enables better communication and coordination among legal teams.
From driving cost and process efficiencies to improving invoice accuracy and streamlining siloed legal departments, AI has the potential to revolutionize the way legal bills are reviewed and processed. Read our infographic to better understand how leveraging AI in legal bill review can help corporate legal departments stay competitive, deliver value to clients, and achieve better outcomes.
