P2P

Winter24

Peer to Peer: ILTA's Quarterly Magazine

Issue link: https://epubs.iltanet.org/i/1530716

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51 I L T A N E T . O R G Outside Counsel Bill Review For in-house counsel, AI can assist in reviewing bills received from firms, ensuring compliance with billing guidelines, and identifying areas that may require adjustment or clarification. Fee Estimation For firms that use flat fees or retainer models, AI can analyze past billing patterns and time spent to estimate better fees based on actual work data (not just reported data), providing a clearer picture of resource allocation by client or matter. THE FUTURE OF LEGAL BILLING AUTOMATION AI's potential for transforming legal billing is immense, particularly in areas that do not directly affect billable work. Automating time-tracking frees lawyers to focus on high-value, client-facing tasks while improving the accuracy and transparency of bills. By shifting the focus from billable activities to the business of law, law firms can benefit from AI without eroding their bottom line. Legal billing is poised for transformation in a field that has historically resisted change. As AI technology continues to evolve, the "forgotten" task of time-tracking may prove to be one of the most valuable applications of AI in legal tech. Through automation, law firms can streamline operations, enhance client relationships, and reimagine the way they manage the business of law. ILTA LESSONS LEARNED IN DEVELOPING AI FOR LEGAL BILLING Working with billers has revealed that no two are the same; each brings a unique blend of precision, creativity, and client knowledge to their work. Billing is as much an art as a science, involving complex rules, flexible interpretations, and a deep understanding of client expectations. Accurate billing is not just about creating a precise log of time spent; it is about telling a story that demonstrates value to the client. The best billers use their narratives to affirm the work's importance, building trust and justifying costs. This means that any AI solution must be accurate and capable of persuasively and insightfully presenting billing information. Understanding this complexity has informed our approach to designing AI for time-tracking: creating a solution that values accuracy and client relationship management. While billable time-tracking is a primary focus, the AI capabilities developed in this area have applications across the broader billing lifecycle. Potential applications include: Pre-bill Review AI can help billing partners conduct preliminary reviews of client bills, automatically identifying discrepancies, unnecessary details, or issues that might lead to a rejected invoice. NANCY JENG is the co-founder of Billables AI, an automated time-tracking platform for lawyers and other professional service providers. Nancy spent the first decade of her career in the professional service industry, running communication strategies at several national advertising firms. After leaving the ad agency world (and time sheets) behind, Nancy established her career in tech, starting at Google where she oversaw SMB content marketing. Prior to Billables AI, Nancy was leading global product marketing at Pinterest where she helped build and launch productivity and monetization products for advertisers, consumers and creators. FEATURES

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