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InvoicePrep Announces Sponsorship and Release of the 2020 CLM Defense Counsel StudyWESTPORT, Conn., March 18, 2020 (GLOBE NEWSWIRE) -- InvoicePrep™, the leading provider of legal e-billing invoice preparation services and software, today announced the company has sponsored the 2020 Defense Counsel Study that is now available. The primary purpose of the study is to provide information and data that will facilitate improved communication and working relationships between defense attorneys and the litigation executives who hire them. In the interest of understanding the most common friction points (issues that need improvement) between counsel and buyers of their services, the 400 defense attorney respondents were asked to rank up to five friction points in the relationships with their clients. Payment issues – adjusted invoices, slow payment, not paid for work done – ranked top on this list. The study identified that 83% of invoices are being submitted to clients through an e-billing platform. In addition, the study shows that the process of e-billing clients continues to require more resources and, as a result, 41% of law firm leadership participants report a growth in billing department size (mostly clerical) over the past three years. Annual invoice write-downs, failures to be in compliance with the clients outside counsel guidelines (OCGs), are estimated to be around 7% (post appeal). Despite this, 89% do not use a software and/or a service solution to check invoices against OCGs before submitting them to their clients. The study also points out that 72% of attorneys perceive that clients are using tird-party auditors to evaluate invoices for compliance against the client OCGs and, because of this, these write-downs are significantly more subjective (80%) than objective. Of particular interest was the reference to the 2019 CLM Litigation Management Study that reported 97% of client executives said that they review invoices for “reasonableness” in addition to OCG compliance. The study goes on to say that because of this, human intervention and subjectivity are involved. “This is an important survey and shows firsthand the issues attorneys face when it comes to getting payment for the work they do,” states Wayne Nykyforchyn, founder and CEO of InvoicePrep. “The write-off number with respect to OCGs is a very significant data point as it’s the primary measure or ‘lag indicator’ of invoicing quality. We also see that while a large percentage of invoices are e-billed, firms are needing to add more staff to manage this process, and most of them have not embraced using an external solution. This is all highly suggestive that firms are experiencing an imbalance of the critical components or ‘lead indicators’ – skilled personnel, efficient processes and relevant technology – that raise invoice quality and which are needed to minimize the payment issues as reported by the survey. It all comes down to having the right resources and the ability to generate compliant invoices and to get them right the first time, thereby avoiding the friction if you don’t. We understand this challenge and are committed to helping law firms be successful in combating any payment issues.” The study, commissioned by the CLM and performed by Suite 200 Solutions, is the CLM’s fourth industrywide litigation management study and the first to focus exclusively on the thoughts and observations of defense counsel. The full report is available at http://www.invoiceprep.com/request-2020-clm-defense-counsel-study/. About InvoicePrep InvoicePrep enhances law firm profitability by optimizing invoice compliance with outside counsel guidelines (OCGs). Improved e-billing compliance reduces denied charges, generates more invoice proceeds and results in more prompt payment. InvoicePrep’s system is streamlined, efficient and leverages a combination of cutting-edge technology and professionals with extensive legal invoice compliance and e-billing software experience. To learn more about InvoicePrep, visit www.InvoicePrep.com. Media Contact
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