Why do law firms need to master outside counsel guidelines?
Managing the growing mass of OCGs is important because noncompliance leads to write-offs.
- OCGs are a massive data management and compliance challenge. Firms must review, store, and monitor literally hundreds of thousands of client terms.
- Without an easy way to check the terms governing their matters, lawyers can unknowingly violate OCGs.
- OCG noncompliance leads to bill rejections and, typically, write-offs.
How does Unified Business Acceptance help firms comply with OCGs?
Unified Business Acceptance helps firms analyze OCG terms upfront and automate ongoing compliance.
- Assess OCGs with AI-assisted term classification, categorization, and centralized management.
- Give lawyers OCG alerts during time entry to prohibit noncompliant entries until corrected.
- Integrate client terms, timekeeping, accounting and other systems to automate OCG data sharing, alerts, and monitoring.
What new risk factors must firms incorporate into business acceptance?
Law firms should add or improve client conditions and firm strategic plan assessments.
- Unknown client credit or solvency issues impact firm collection rates and revenue predictability.
- Successful firms today have a strategic plan. Teams must assess new business against these plans to avoid interference with longer-term strategies and goals.
- Client M&A activity can void the initial conflicts clearance.
How can firms benefit from ongoing business acceptance scoring and monitoring?
Unified Business Acceptance surfaces risks during assessment and monitors them throughout the client lifecycle.
- Monitor client financial conditions with automated Paydex scores and financial indicator tracking.
- Configure workflows to initiate WIP alerts and partner-in-charge communications when problems are detected.
- Incorporate strategic risk factors into firm-wide business acceptance with automated scoring.
- Get alerts on client corporate tree changes. Configure threshold rules to automatically initiate new conflicts searches and partner notifications.
What are the potential revenue benefits of Intapp Unified Business Acceptance?
OCG and strategic compliance gates are critical for reducing write-offs and pursuing new markets and revenue.
- Recoup revenue by eliminating write-offs due to OCG noncompliance. For example, if you are a large firm writing off $500K-1M a year related to OCGs, you can potentially gain back this lost revenue.
- Confidently execute medium-and long-term strategies, knowing that any new business problems will be flagged. If the scoring profile indicates strategic problems, the firm can weigh the current opportunity against the longer-term revenue goals.