Bridgeway’s legal accounting software rolls up various matter budgets into an overarching legal department budget, delivering the visibility you need to document and report what is going on in your legal group.
Add efficiency and rigor to legal spend management
The single best way to control costs is to require your external firm to prepare and submit budgets for each matter. Bridgeway’s legal spend management platform gives you the tools to manage hourly engagements effectively, whether it’s lowering your legal spend for engagements with external firms or adhering to internal budgeting requirements at the practice area and business unit levels. You can create and track to overall matter budgets, quarterly budgets, or monthly budgets, including fees and expenses, timekeeper totals, or more detailed UTBMS task and expense totals.
Leverage reporting power to enable better decision-making and increase transparency
Bridgeway’s legal spend management solution facilitates organizational transparency and better forecasting through advanced financial reporting. The platform allows you to generate C-suite-ready reports on the matter, monthly, and quarterly level, including fees and expenses, timekeeper totals, or more detailed UTBMS task and expense totals. This helps to track which matters and matter types are responsible for the greatest share of budget and ensure resources are planned accordingly. When faced with internal budgeting requirements to track at the practice area and business unit levels, our solution enables you to produce reports tailored to track matters generated through these internal clients.
Implement, enforce, and analyze performance of Alternative Fee Arrangements
More and more corporations are adopting fixed fee, tiered discounts, unit costs for specific tasks, hour caps on certain tasks, success-based arrangements, and other AFA (alternative fee arrangement) billing to help control costs. Bridgeway’s spend management platform streamlines adoption of AFAs. It helps you leverage your matter management and e-billing historic financial information to select the appropriate kind of AFA for various types of matters, and allows you to aggressively implement AFA billing utilizing our advanced rules engine.