End-to-end billing solution streamlines time entry, invoicing, expense reporting, pre-billing, collection, and OCG requirements
NEW YORK, Aug. 28, 2024 (GLOBE NEWSWIRE) — Epiq, a global technology-enabled leader to the legal industry and corporations, announced today expanded Epiq Billing Services – the premier, reliable, secure solution for streamlining legal billing to help law firms stabilize cash flow, reduce costs, and improve overall efficiency.
“The average law firm experiences an 18 percent realization loss due to billing challenges,” said Michelle Connolly, Senior Vice President of Epiq’s Global Business Transformation Solutions business. “This means that nearly one-fifth of billable work is not converted into revenue, negatively impacting a firm’s profitability. Even more, over 80 percent of law firms report having issues with a significant portion of invoices remaining unpaid or delayed, creating real cash flow challenges. These problems – coupled with resource constraints and the need for continuous training – highlight the importance of streamlining billing operations.”
Epiq’s Global Business Transformation Solutions business developed comprehensive billing solutions to help law firms solve challenges in collecting billable hours while enhancing productivity and ensuring compliance with complex billing guidelines. Leveraging subject matter experts well-versed in common law firm applications and supported technology processes, including AI, the service provides faster turnaround times, quicker invoice generation, and improved cash flow for law firms.
“Our billing support services are able to streamline compliance with both internal and external guidelines, reducing manual errors and speeding up the pre-bill review process,” Connolly said. “This enables firms to maximize realization rates, invoice faster, and reduce errors and lengthy appeals – ultimately leading to improved efficiency and profitability.”
Epiq Billing Services is Epiq’s proprietary billing solution where clients can expect to expedite:
- Time entry
- Invoicing
- Expense reporting
- Pre-billing
- Collection
- Outside Counsel Guidelines (OCG) billing process
“Our expert teams conduct a thorough review of each client’s guidelines to understand specific billing requirements and ensure that all billing entries adhere to them, including rates, timekeeping, and expense policies,” Connolly said. “Meticulous records, which supplement regular billing statements, are provided for audit and compliance purposes. This is just another example of how operational excellence is the foundation of our team’s approach to service delivery. Across our work, we proudly see ourselves as the heartbeat of our clients’ operations, delivering unwavering commitment and exceptional value.”
Epiq’s team routinely works with the top law firms in the world to provide technical expertise and best practices so they can focus on core competencies and more strategic activities. By outsourcing business transformation services, such as billing, marketing, administrative support, office services, and records and information governance, law firms are able to increase efficiency, improve cost-effectiveness, centralize processes, add scalability, and standardize outputs.
About Epiq
Epiq, a global technology-enabled services leader to the legal industry and corporations, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action, and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at www.epiqglobal.com.
Press Contact
Carrie Trent
Epiq, Director of Communications and Public Relations
Carrie.Trent@epiqglobal.com
