Oddr Rolls Out Industry’s First AI-Powered Invoice-to-Cash Platform at Legalweek

USA/Canada News

29
Jan
2024

Editor

Oddr, the legal industry’s first AI-powered invoice-to-cash platform, today announces the full rollout and general market availability of Oddr at Legalweek New York, January 29th – February 1st.   Oddr’s category-defining, AI-powered invoice-to-cash platform is purpose-built to address the specific challenges, working practices, and operational needs of law firms. 

With the advent of Oddr, law firms for the first time have the option to not only simplify billing and collections but eliminate millions in revenue leakage and correlated decline in realization, significantly impacting firm and partner profitability through modern billing and collections.  To request a demo at Legalweek, go here.

The vast majority of law firms (80%) have set improving the billing process as a key strategic priority in 2024 and for good reason:  2023 marked the second year in a row that collection cycles have significantly lengthened by 5%. As the length of collections cycles directly correlates to the rate of firm write-offs, lengthening cycles puts millions in revenue per firm at stake every year, industry wide.

With limited options, firms are reacting by increasing rates at historic percentages to protect margin; however, as rates increase, realization is declining creating a lose-lose scenario and untenable strategy for long term profitability.  Conversely, it has been demonstrated that incremental increases in collected rates have exponential impact on revenue, where Thomson Reuters reported that a 1% increase in collections equates to $900k in additional revenue for a 100-attorney firm.

CEO and co-founder of Oddr, Milan Bobde, says, “Outside legal, invoice-to-cash is a well-established Gartner category; we saw a tremendous opportunity to take this innovation to law firms who, across the board, experience significant pain and revenue loss in billing and collections.  After two years of diligent R&D with over 80 law firms to identify the key pain points common across all law firm billing and collections, we are thrilled with the success our multiple live clients are already seeing and excited to drive even more success across the market.”

Oddr’s AI-powered platform centralizes, streamlines and accelerates every step of billing and collections— from bill preparation and delivery to collections and reconciliation. In doing so, Oddr enables new possibilities in analytics, forecasting, and client service, creating for the first time for law firms a single pane of glass for the billing and collections lifecycle, including these features:

• Bill preparation. Oddr centralizes the critical internal collaboration and review, including rules-based validation, exceptions management, metrics, and dashboards to bring practical insight to both billing staff and firm management.
• Bill Delivery. Oddr centralizes and tracks client billing emails so finance teams gain visibility as to when clients receive, review and act on bills. 
• Collections. Oddr delivers automated, rules-based reminders and internal escalations to significantly decrease delays and provides integrated electronic payment options to modernize remittance practices, benefitting all parties.
• Reconciliation. Oddr integrates with the firm’s existing systems to ensure easy reconciliation, enabling finance to provide greater and faster visibility to management.