Leading US defence litigation law firm Cole, Scott & Kissane has selected Aderant Intelligence: Benchmarking, a new cloud-based data analytics offering that enables users to compare their revenue realization and billing efficiency against other firms.
Exclusively available to Aderant BillBlast clients, Aderant Intelligence aggregates law firm data and shows law firms (on an anonymous basis) how they compare across various metrics such as billing rejections and appeals.
CSK specializes in high-volume, metrics-oriented insurance defence law, and processes a substantial 90% of its bills electronically through Aderant’s eBilling solution BillBlast. It is hoped that the new benchmarking tool will help them to identify and address any areas of disparities in order to improve billing realisation.
To start with, CSK will focus on analysing client and matter-related data, including how long it takes to close a case, with the intention of accelerating their WIP-to-cash realization. The firm will then be able to compare both internal and client-related billing metrics against those of competing firms.
“CSK is an existing Aderant customer and when we first heard about the new Aderant Intelligence: Benchmarking solution we saw immediate value,” commented Ed Aguero, MBA and chief financial officer at CSK. “Benchmarking is ideal for driving proactivity internally as well as for our clients by exposing how well our firm is performing across many areas. The insight Benchmarking provides will enable us to bill more accurately and completely, address revenue leakage, and reveal previously hidden issues that prompt bill reductions from clients. We realized a quick return on investment (ROI) with BillBlast, paying for itself within 9 months, and we anticipate a similarly fast ROI with Benchmarking. CSK felt a sense of urgency to be early adopters of Benchmarking, recognizing that within 1-2 years, many of our peer firms will be leveraging these tools for their own advantages.”
Aderant’s president & CEO Chris Cartrett said: “Benchmarking is the first initiative of our recently launched Aderant Intelligence group. Leveraging the power of actionable data, Aderant Intelligence: Benchmarking effectively expands Aderant’s reach beyond the productivity and workflow software applications where we have historically excelled. Aderant Intelligence has other offerings currently in development, and we look forward to expanding these R&D endeavors to meet the needs of law firms across the globe.”
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