The work that you do in your legal or claims department, combined with the solutions you use to make that work easier and more efficient – such as matter and spend management tools – generates a lot of data that can be very helpful to your operations. Analytics and metrics that uncover some of the useful insights hidden in your data are an excellent start.
For many large organizations, however, artificial intelligence (AI) tools are best suited to processing the huge amount of data available to you and finding the most valuable insights that data has to offer. By leveraging AI in your legal workflows, you can have a positive impact on your department’s decision-making, spend control, and staff efficiency.
The following are three of the top legal workflows that can benefit from the efficiency and power of AI-driven solutions.
1. Legal bill review
The task of reviewing the legal invoices submitted by your outside counsel is critical but time-consuming. When attorneys or dedicated bill reviewers spend their time combing through every submitted line item, your organization is missing an opportunity to improve both efficiency and billing guidelines compliance.
Using AI, organizations can identify the invoice line items most likely to require adjustment, spot trends and patterns within law firm billing behaviors, and flag the appropriate line items for human reviewers. Putting AI to work in this way frees legal professionals to focus on their most important tasks and become more productive, capturing efficiency gains in addition to increased invoice adjustments.
An external, AI-powered bill review service, or a service that provides your own in-house reviewers with AI-driven bill review support, can increase cost savings up to 10% and guideline compliance up to 20%. This also helps outside counsel better understand your guidelines and drives continuous improvement in billing processes and guideline enforcement over time.
2. Litigation management
One of the most important decisions you can make about any litigation is who it should be assigned to. Historically, this decision has often been based on gut instinct and the status of outside counsel relationships. However, there is a goldmine of historical data that you can leverage for better understanding of past performance, and to build predictive data models that help you make better assignment decisions.
An AI-enabled tool can analyze the details of a matter and generate predicted budget and cycle time estimates for your outside counsel firms, ranking the top choices for that specific matter. The best solutions allow you to weight the criteria – such as price, time to resolve, quality of communications, etc. – to ensure that rankings reflect what is most important to you when making a selection.
By bringing in external data, the right solution can also recommend new firms when analyzing a matter of a type or practice area that you don’t historically work in. When there is less experience in-house, it becomes even more critical to have access to detailed external invoice data – and AI tools to analyze it – to help you make an educated counsel assignment decision.
3. “Paper” invoice conversion
When you work with outside counsel firms that are not equipped to submit LEDES-compliant invoice files to you, it can slow down your work and leave you with incomplete data. “Paper” invoice files, such as PDFs, require that department staff members manually key-in the data presented on these invoices or exclude them from both the automated invoice review workflow and the data tracked in your spend management system
AI--empowered legal invoice conversion uses technology to pull all the valuable data from these invoices and convert it into a LEDES file that can be read by your e-billing and spend management solution. All line item details can be made available for adjustment and reporting, offering visibility into 100% of your legal spend.
For more on the value delivered by AI-driven solutions and how you can use them to address your business challenges in these and other legal operations workflows, download our eBook Applying Artificial Intelligence to High-Value Legal Workflows.