Posted on Mon, Feb 04, 2008
February 5, 2008 (Houston, TX) -- Bridgeway is pleased to provide an easy way for its clients to participate in an electronic invoicing requirements survey being conducted by the Legal Electronic Data Exchange Standard (LEDES) Oversight Committee.
LEDES is a not-for-profit organization charged with creating and maintaining open standard formats for the electronic exchange of billing and other information between corporations and law firms. LEDES is responsible for establishing e-billing standards such as LEDES 1998B, LEDES 2000 and LEDES XML e-Billing. Its committees are dedicated to creating LEDES Budget Standards, Timekeeper Attribute Standards and UTBMS Task Code Standards.
To streamline processes in the expanding use of electronic invoicing, the LEDES Oversight Committee (LOC) is considering developing standards around the communication process. Consistent protocols could reduce resource requirements and costs. Last year, the LOC surveyed over 120 law firms, and it is currently seeking input from corporate counsel legal departments. The brief survey requires only a few minutes to complete, and Bridgeway encourages clients to participate by clicking http://www.zoomerang.com/survey.zgi?p=WEB226ZSH8ACPH.
According to LEDES Board Member, Patrick Hurley, "The survey asks corporate counsel legal departments about satisfaction with products, processes and vendors, but the LOC will not grade, rate or track statistics on individual vendors' products or services. If vendor names are submitted through comments, they will not appear in published survey results."
Bridgeway has been a member of the LEDES Oversight Committee since 1999. Vice President Cathi Collins is a past member of the Board of Directors and a current member of the Budgeting Standards Subcommittee. Collins currently chairs the Vendor/Consultant Subcommittee.
According to Collins, 2007 was a big year for LEDES.
- The current LEDES XML e-Billing format was ratified. Among other changes, the format includes the ability to itemize complex taxes and bill alternate fee arrangements, credits and debits on a matter; supports multiple vendor tax identification numbers; eliminates non-mainstream e-billing data elements; and creates consistent terminology.
- The LEDES XML Budget Standard was approved. It accommodates the submission and revision of matter staffing plans and different types of legal budgets across varying time frames, including those based on timekeeper, task, or activity.
- The UTBMS Task Force merged its efforts under the LOC umbrella as a subcommittee charged with considering issues on the UTBMS codes used in legal electronic billing.
Additionally, the organization is currently undertaking a standard for the exchange of timekeeper information to comply with corporate internal requirements as well as SEC requirements placed on public companies in the US.
LEDES welcomes corporate legal departments and law firms as members. Clients who are interested in joining LEDES or in participating more actively with the LOC on this or any issue surrounding electronic data exchange in the legal industry are encouraged to visit http://www.ledes.org/.
About Bridgeway
Bridgeway is dedicated to providing software solutions and professional services to implement best practices for the offices of the general counsel and corporate secretary. Leading corporations and government agencies rely on Bridgeway's integrated technology approach to optimize productivity and reduce risk. Bridgeway implements systems in the areas of corporate governance, case and matter management, cost management, contract management, litigation risk assessment and electronic invoicing. Founded in 1989, the company is headquartered in Houston, Texas with representative offices in Philadelphia and Toronto. More information about eCounsel®, LawManager®, Secretariat®, Smart InvoiceTM and PredixTM is available at http://www.bridge-way.com/news/2008/02/ or by calling 713- 599-8300
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