Business Solutions and Benefits
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Hall's benchmarks offers an unsurpassed suite of business solutions to manage professional legal services. Founded and managed by members of the California Bar, Hall's Benchmarks understands the business of law, the mission of the corporate legal department to protect and promote shareholder value, and the overall need to preserve and strengthen the relationship with outside counsel.
In refining our services we conducted an extensive survey of the marketplace, coast-to-coast and across industries, including personal interviews with General Counsel from 32 Fortune 1000 companies regarding their needs in managing outside legal services. From this effort we refined our services to focus on five common critical business needs, tailored to support the specific requirements of legal and corporate managers.
Pressure continues to reduce legal spend. Reducing legal spend is not easy - the volume of legal work rarely decreases, for many businesses the complexity of legal work is increasing, and you can't sacrifice the quality of legal work and outcome for the sake of saving money.
Fortunately, we've developed a suite of tools and a process that enable you to manage costs in a manner that reduces your legal spend while maintaining strong, healthy relationships with your firms, without any negative affect to their work product or outcome.
How much money was spent, when, where, and what for - fiscal month, quarter, year, project, budget, firm? Corporations need timely, accurate, and reflective reporting of expenses. Further, corporations require financial data reported in the month services and expense are incurred, not when they are billed. Without detailed accrual accounting, you are forced to allocate expense based upon historical reporting and "intelligent guesses."
We provide the most complete financial accounting solution available for legal spend in the marketplace. By firm, matter identifier, project, and budget, our service accounts for ever penny spent - in real-time. For accounting professionals, we repost using accrual accounting and can provide an output for inclusion in the most popular corporate accounting packages.
When you have numerous firms submitting invoices and numerous invoice approvers, a common challenge is how to manage the volume of invoices. Moreover, how do you track what invoices you've received, which ones have been reviewed and approved, which ones have been sent to Accounts Payable, and how what is the volume of invoices in-house that need attention at month, quarter or yearly close?
We provide a web-based, paperless solution to organize, track, and report on 100% of your outside legal spend.
We categorize and benchmark services from your outside firms, benchmarking firms across a variety of task, cost, time, and matter metrics. Comparing firms at this granular level, we afford you the opportunity to exercise "informed choice". Informed choice is a process that leads to identification of best practices that can be extended to all firms, raising their level of performance and value to your organization. This empowers you to decide how best to spend future legal dollars based upon performance metrics.
Information Sharing and Accountability The ability to execute is a top
priority for organizations today. In order to be more responsive, decision
makers need real time access to all corporate information. Yet only forty
percent (40%) of corporate information is contained within enterprise
applications. Sixty percent (60%) percent is contained within Email and
has been difficult to access and use within the enterprise. We offer a
unique environment to address this problem which significantly improves
organizational responsiveness by integrating execution and enterprise
resources using your existing Email software.
On top of that, our solution includes document management and revision control! |
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Copyright © 2004
Hall's Benchmarks, Inc. |
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