Predictive Modeling

In-house counsel must review each line of an invoice to check for conformance to existing billing guidelines. This can be extremely time-consuming, but without proper review, you risk billing variances and erroneous payments. QuisLex offers the resources and staff expertise to set up an effective invoice review program. Our end-to-end workflow design and implementation process builds efficiencies at each step. 

First, we review your existing billing guidelines and make adjustments as needed. Next, we implement an e-billing platform that collects and aggregates data to generate useful analytics. Having one central platform also ensures consistency across each vendor relationship. We mandate strict adherence to Uniform Task-Based Management System (UTBMS) codes to ensure data is clean and consistent. QuisLex will review each legal invoice for compliance with both established billing guidelines and UTBMS codes.

Once we can analyze a statistically significant sample of invoice data, we will run analytics to gain insights into measurements such as:

• Total legal spend volume
• Adherence to project plans
• Budget and billing variances
• Expense ratios

Our staff will advise you on the most useful metrics to track for your business, developing a set of key performance indicators (KPIs) that we can track over time. Once we have a sufficient volume of data and a clear baseline for comparison, we can use current and historical information to develop predictive models for the future.

Predictive modeling applies statistical analysis and artificial intelligence to historical data. This analysis identifies trends and patterns to drive improved decision-making in the future. With predictive analytics, our clients are better able to anticipate future spending, adjust their billing policies, and allocate resources.

By partnering with QuisLex, you’ll gain a deeper understanding of how you’re using outside counsel. Using predictive modeling offers several advantages for your legal department, including:

• Predicting future trends
• More accurate budgeting
• Allocating staff resources appropriately

Analytics tools reduce the time, effort, and cost of estimating outcomes, freeing up your staff from the challenge of manual data analysis so they can focus on other priorities.

In addition to a team of experienced attorneys, QuisLex has permanent support staff to help with project management and technology implementation. The QuisLex team includes statisticians, technologists, and programmers who can build customized applications to automate routine, time-consuming review tasks. Our areas of expertise include:

• Workflow design
• Conceptual searches and statistical sampling
• Contract abstractions 
• Metadata analysis
• Managing permissions and access
• Building CLM systems
• Predictive coding
• Redaction

QuisLex is a technology-agnostic firm that is well-versed in multiple platforms. We can work within your existing ecosystem or suggest new tools and applications to help expedite your workflow processes. Plus, as part of our legal operations support, we can manage knowledge repositories to ensure information is transferred appropriately in the event of staff turnover.

QuisLex understands the sensitive nature of our client’s internal documents. That’s why we have advanced security measures at all our facilities, including 24/7 CCTV monitoring and biometric access control systems. We use device encryption, segregated networks, and secure infrastructure so clients are protected whether we are working onsite or remotely. QuisLex was the first ALSP to be certified under SSAE 16/ ISAE3402 (SOC 1), and AT101 (SOC2) standards for data privacy and security.

To improve outside counsel spend and invoice review at your organization, partner with QuisLex. We’re dedicated to providing flexible and cost-effective services to clients all over the world, from major corporations to Global 100 law firms. QuisLex’s other managed legal services include:

• Legal operations support
• Managed document review
• Mergers and acquisition support
• Compliance services
• Data breach services

For more information about working with QuisLex, contact us today.