Global News
Aderant, a leading global provider of legal business management solutions, today at Momentum Sydney announces a transformative update to its time-tracking software, iTimekeep. This update introduces features powered by Aderant's AI, MADDI, designed to improve time tracking accuracy and ensure successful bill payment.
Known for its simplicity and ease of use, iTimekeep has been the go-to time entry solution for legal professionals for over a decade. It is ranked as the #1 Mobile Time Entry Solution and #1 Primary Time Capture Solution in ILTA's 2022 Technology Survey.
This latest update marks a significant milestone in the software's journey, as it now integrates the power of AI to tackle time-tracking challenges with remarkable efficiency.
The key challenges addressed are:
Preventing Unaccounted Time
For law firms, precise and timely tracking of billable hours is paramount for revenue generation. However, lawyers often struggle to promptly record their time.
Due to the necessity of prioritizing client deadlines and needs, many lawyers find themselves having to delay time entries, leading to the need to 'reconstruct' their days later. Unfortunately, memories fade with time, resulting in inaccurate time entries and underreported billable hours, ultimately leading to lost revenue opportunities.
iTimekeep's Passive Time Assistant addresses this issue by seamlessly tracking and capturing time spent on various activities (meetings, emails, etc.) in the background, requiring no manual input from users. It enables timekeepers to effortlessly 'reconstruct' their day by providing an accurate and comprehensive view of their daily tasks and time allocation, ensuring a complete and precise timekeeping record.
Enhancing Efficiency with AI Automation
Leveraging Aderant's advanced AI, MADDI, Passive Time Assistant brings an added level of intelligence to the process. MADDI analyzes each activity and intelligently associates it with the relevant client and matter. As a result, the software automatically pre-selects the client and matter for the time entry form, significantly reducing the data entry burden for lawyers and streamlining the entire process.
Chris Cartrett, Chief Executive Officer (CEO) at Aderant noted, "With iTimekeep's Passive Time Assistant, we're thrilled to liberate lawyers from administrative burdens and unleash their true potential to deliver exceptional legal services. For law firms, it means optimizing billing processes, boosting revenue generation, and propelling them towards unrivaled efficiency and financial success."
Crafting High-Quality Time Narratives
Promptly entering time is merely one of the reasons why timekeeping remains the bane of lawyers' existence. Equally crucial is the task of writing accurate, comprehensive time entries that meet client billing requirements. This task is particularly daunting for new associates.
Vague or inaccurate time entries are among the leading causes of bill rejections, creating a nightmare for the billing team and requiring significant resources to fix.
The traditional solution employed by law firms involves extensive training and mentorship from senior lawyers who are experienced in crafting high-quality time narratives. Yet, this approach demands a significant investment of non-billable hours from senior lawyers.
AI As an Experienced Mentor
iTimekeep's Time Narrative Assistant, powered by MADDI, offers a transformative alternative. Trained with vast amounts of data on accepted and rejected bills and time entries, MADDI comprehends which time entries are most likely to be accepted by clients and which ones require edits to be in compliance. Acting as an experienced mentor, it guides lawyers in creating time entries that ensure successful bill payment.
"We are excited to harness the power of our AI and our experience in helping thousands of law firms bill efficiently and maximize their compensation," said Aderant's Chief Product Officer (CPO) Doug Matthews. "With MADDI as a virtual mentor, new associates can quickly grasp the nuances of crafting successful time entries, ensuring accurate billing, and maximizing the firm's revenue. This also fosters greater cross-team collaboration and significantly reduces rework costs. Moreover, partners and senior lawyers benefit from valuable time savings, empowering them to focus on billable work and strategic initiatives."
Passive Time Assistant is now available, and Time Narrative Assistant is set to be released in the coming months.
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