Transcript:
Outside counsel guidelines (OCGs) and client terms are becoming more and more complex for firms to manage. There’s a series of clauses involved that will help to manage certain aspects of the client relationship, and it’s important that firms can stay on top of those proactively.
Systems can help to monitor those clauses and help to manage aspects such as billing and agreement terms, or time recording so that holds can be put on or controls put in place to help manage those kinds of guidelines and ensure that those terms are being met on a proactive basis.
Ensuring compliance across terms is important in helping to manage the work-to-collection cycle in terms of proactively monitoring the client terms, working through that planned onboarding cycle, having the work delivered, moving towards billing, and ensuring that’s all monitored proactively so that when a bill is raised and is sent to a client, it’s correct. It’s right the first time. There doesn’t have to be a look back and time wasted going back and forth with the client to resolve issues.
So being ahead of that, being more proactive in monitoring the terms agreed with the client, the time recording, and the billing on an ongoing basis helps to manage that process in a way that makes it much more streamlined and therefore allows for the easier and faster collection of fees.