Introduction: The advent of information technology made revolutionary changes in the world. He also played a significant role in the expansion and advancement of law firms for nearly two decades. He has changed the paradigm of the legal industry by highlighting the need for change and the technology that empowers employees to make change possible with cost professionals and attorneys working together.
Current system: Today, masses of legal organizations submit their files to cost drafters for cost invoices. Cost writers then extract information from the files and prepare a detailed evaluation of the cost schedules. The entire process is time consuming and expensive for the client organization.
Effect on current system: Software technology by the advent of the IT industry aids in the preparation of the legal costs invoice by providing an easy to use summary and a complete invoice with all assessments free of charge.. The technology will help split the cost schedules into three main parts which include stages, tasks and activities. In the stages section, the assessment of the case, suggestions and guidance, appeal and provisional requests, disclosure, the bases of the trial and the detailed assessment will be recorded. In the homework portion, a synopsis will be prepared that includes cost and payment. In the last section, detail the lawyer’s individual activity preparations while the case is in court. Every section should be focused on including a precise level of detail, correct format, and bill of costs. If all of this is recorded well, it will help prepare expense budgets, cost reports, and most importantly, the electronic invoicing that is in high demand by corporate clients today.
Record time for an example: The time record with the current method of the process system includes the date, the activity, the amount of time, the name of the person who earns the fee. But under the new technology software development, you need to add in the process like date, phase, task, activity, amount of time, name of the person who earns the fee. This appears to be a small but important tweak as it would allow the time element to be tied directly to the new expense list format.
Is the cost budget adjusted?:As mentioned above, the detailed cost incurred in a case broken down into a series of steps mentioned above and this system will help in multitasking cost breakdowns in short cases. This will help initiate and store the cost budget electronically which is ultimately monitored and compared to the actual cost in real time using the new system. Take advantage of the “time” element of the case that will never be negotiated. Combining electronic timekeeping with electronic budgeting will make work efficient, less expensive, and save time. Through this combination or registration, it will help the organization to make reports of complex cases in a very short time, since the database for the registration of time and the budget will be the same database. The software systems will have correct reporting tools with the help of this summary and the detailed information will be extracted as per the demand of the case and the client as well. The commonly used application like Microsoft Excel is widely available but it is not good enough to format and store large amounts of data and compare them in real time.
Combinatorics Professional Law Firm Costs Together:- The cost expert must study and recognize the necessary change in recording time and law firms must ensure that time is recorded in the correct format. This change will be a tall order, as it will require attorneys to completely change the method in which they currently file. Those professionals who take initiative steps for this change will surely be prepared for the transformation of the future.
The future role of the cost professional: Currently, when preparing an invoice for costs, the professional usually creates a manual sheet for the case file. The previous expense invoice system implemented in the professional part will change from the traditional to new reforms. The new reforms will have a professional cost that will electronically transfer the data from the time record to the organization’s cost file.
Conclution: In short, a change will be required in each instance. Lawyers should value whoever takes the initiative to use the new technology system. Technological changes in the legal sector should not be underestimated either. The organization must evaluate its current operating systems, their potential and then evaluate the changes they need.
