Introduction: The advent of information technology produced revolutionary changes in the world. He also played an important role in the expansion and advancement of law firms for approximately two decades. It has changed the paradigm of the legal sector by highlighting the need for change and technology that strengthens the one used to make possible changes with the mutual work of cost professionals and lawyers.
Current system: These days, masses of lawyer organizations send their files to cost writers for cost invoices. The cost writers then extract information from the files and prepare a detailed evaluation of the cost lists. The whole process is time consuming and costly for the customer’s organization.
Effect on the current system: IT industry arrival software technology assists in bill preparation for legal costs by providing easy to use summary and complete invoice with all assessments free of charge. The technology will help divide cost bills into three main portions that include stages, tasks and activities. In the stages section, the evaluation of the case, the suggestions and directions, the appeal and provisional requests, the disclosure, the preliminary work of the trial and the detailed evaluation will be recorded. In the homework part, a synopsis will be prepared that includes the cost and payment. In the last section, the arrangements for the attorney’s individual activity while the case is in court are detailed. The entire section should be focused on including the exact level of detail, the correct format, and the cost invoice. If all this is recorded well, it will help in the preparation of expense budgets, cost reports and most importantly Electronic Invoicing that today are in great demand by corporate clients.
Recording time of an example: The time stamp with the current process system method includes the date, activity, amount of time, and payee name. But under the new technology software development, you need to add in the process like date, phase, task, activity, amount of time, payee name. This is apparently a small but important diversity, as it would allow for a time element directly tied to the new cost list format.
Does the cost budget fit ?:As mentioned above, the detailed costs incurred in a case are broken down into the series of steps mentioned above and this system will help in the multitasking of cost breakdowns in court 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. Get a head start on the “time” element of the case that will never be negotiated. The combination of electronic time recording with electronic budgeting will make work more efficient, less expensive and save time. Through this combination or registration, you will help the organization to make complex case reports in a very short time, since the database for the registration of times and the budget will be the same database. The software systems will have the correct reporting tools with the help of this summary and the detailed information will be extracted at the request of the case and also of the client. Commonly used application like Microsoft Excel is widely available, but it is not good enough for formatting and storing large amounts of data and comparing it in real time.
Combinatorial Professional Law Firm Costs Together: – The cost expert must study and recognize the necessary change in time recording, and law firms must ensure that time is recorded in the correct format. This change will undoubtedly be a difficult task, as it will require lawyers to totally change the method in which they are currently recording. Those professionals who take initiative measures so that this change will surely be ready for the transformation of the future.
The future role of the cost professional: Currently, when preparing an expense invoice, professionals often create a manual sheet for the case file. The previous system of cost invoices implemented later on the professional part will be changed from the traditional to new reforms. The new reforms will be of professional cost and will electronically transfer the data from the time registration to the organization’s cost invoice file.
Conclusion: In short, a change will be required in each instance. Lawyers must 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.