For many companies, legal fees from external lawyers can be difficult to track and manage—it can be time consuming and messy to do a line-by-line invoice review—and lawyers can be expensive. One company saw an opportunity to use AI to help businesses track and save on law expenses. After lawyers submit their invoices through this company’s software, artificial intelligence steps in to review them and see if lawyers may have billed for the wrong line items (per billing agreements), and then it flags those line items for human review.
Over time, another AI element of the software also tracks how much different law firms bill you for similar work tasks, helping you identify which firm to chose for certain tasks and even negotiate for better pricing.
What are the implications? This reduces mundane accounting tasks, and it helps reduce lawyer fees.
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