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Expense Reduction
Most companies now expect their legal, risk, and claims departments to operate as efficiently and cost effectively as their other business units. That means developing a strong legal spend and matter management process and making sure it is followed meticulously to deliver consistent and reliable results. Our managed services team employs a fully transparent process with our clients to help them achieve predictable cost control, yielding a better outcome than a software-only solution. A significant part of our approach to expense reduction involves benchmarking outside counsel rates against other companies in similar industries and jurisdictions, to make sure our clients are not overpaying for similar services. Typical results are a 12% to 15% reduction in legal spend, with many clients reporting as much as 25% savings in their first year of implementation. |
Business Intelligence
The cornerstone of Quovant’s approach to business intelligence is providing actionable information to our clients to help them make more informed business decisions. Instead of providing them with overly complex dashboards measuring every metric under the sun, we focus exclusively on reporting only those key performance indicators which can produce actual savings through improving the way they manage their legal spend. Our team of lawyers and paralegals helps our clients to achieve a better understanding of legal spend, case staffing, billing rates, and budgets with a goal of continually improving their internal review processes, saving both time and money. We also help our clients from the very start of their engagement with outside counsel by guiding them through the law firm selection process, drawing on more than 20 years of data to help them evaluate fee proposals and billing rates. |
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Compliance Review
Quovant’s compliance review process employs a structured methodology to evaluate compliance with billing guidelines by outside counsel, yielding direct cost savings due to continuous oversight. By offloading this responsibility to our compliance review team, Quovant’s clients are able to focus on case strategy instead of case administration. Client payment processes are also streamlined due to a more consistent approach to process mapping and integration. Having more structure in reviewing billing processes enhances the relationship between clients and their law firms by setting consistent expectations up front and helping the law firms improve their billing habits. Clients like Quovant because we help them offload routine review of invoices, and law firms like Quovant because we simplify and reduce the billing cycle, allowing them to get paid faster. |
Program Administration and Consulting
Managing outside counsel is never a “set it and forget it” process. A successful legal spend program requires experts who know how to match client guidelines with a consistent compliance methodology for outside counsel billing. Our consulting team is the best in the business, consisting of lawyers and paralegals who have real world experience working on both sides of the table. Our consulting process typically begins with mapping the client’s internal processes and building an integration with their existing payment systems. We then work with them to better enforce existing billing guidelines and to get a better understanding of their legal spend, the billing habits of their law firms, case staffing, billing rates, matter management, and budgets. Finally, we help our clients with a continuous optimization phase by using business intelligence information to more effectively manage legal spend, improve law firm billing habits, and ensure the invoices submitted by outside counsel are a better representation of the actual work done. |
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