LOS ANGELES, Nov. 16, 2023 (GLOBE NEWSWIRE) -- LegalTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout legal technology companies, products and services around the globe, today announced that LexisNexis®, a leading global provider of information and analytics, is the recipient of the “Overall Legal Spend Management Solution Of The Year” award in the 4th annual LegalTech Breakthrough Awards program.
LexisNexis® CounselLink® provides financial management reporting and dashboards for an executive-level overview into legal and matter spend, savings and trends. With quick and easy drill-down capabilities, customers can see the macro or more detailed views of year-over-year legal spend, firms, matters, and practice areas that are driving costs. In addition, users can look at budget and tracking reserves and recoveries, percentage of outside counsel spent hourly versus AFA, and more.
SmartReview®, CounselLink’s advanced AI billing tool, reviews each line-item invoice charge for compliance with the customer's billing guidelines and automatically adjusts or flags errors. This invoice review improves billing accuracy and speeds up the process with automated workflows configured to the customer’s internal processes. It can also review and adjust invoice charges, support multi-currency invoicing, and easily audit multiple invoices for a single matter.
Customers can also capture 100% of spend by converting non-LEDES-format invoices into electronic invoices. Non-CounselLink invoice reviewers in the workflow can also be integrated through SSO or two-factor authentication, with optional permissions to review, adjust, or add notes to invoices.
With CounselLink Insight, customers take advantage of a benchmarking database and analysis tool that helps enable smarter negotiations, better decision making, and maintain tighter control over legal costs.
“More than ever, corporate law departments are looking to make informed decisions and improve performance and outcomes. It's imperative to manage costs. Thank you to LegalTech Breakthrough for the ‘Overall Legal Spend Management Solution of the Year’ award,” said Sean Fitzpatrick, CEO, LexisNexis North America, UK & Ireland. “We will continue to strive to improve our solutions to help our corporate legal customers manage growing pressure, spend, and complexity. By helping the legal community understand where costs are rising fastest, our tools can help them successfully navigate what’s to come.”
The mission of the annual LegalTech Breakthrough Awards program is to conduct the industry’s most comprehensive analysis and evaluation of the top technology companies, solutions and products in the legal technology industry today. This year’s program attracted more than 1,500 nominations from over 12 different countries throughout the world.
“CounselLink from LexisNexis is a complete financial management solution that helps customers gain absolute control of every penny spent. In the face of rising outside costs, corporate legal departments are facing increasing pressure to do more with less and they need the right tools to control costs,” said Bryan Vaughn, Managing Director of LegalTech Breakthrough Awards. “CounselLink delivers these tools in an innovative way by supporting AFAs, budgeting, allocations, and most importantly, billing compliance. Legal teams everywhere can finally see the bigger financial picture and simplify their processes.”
About LegalTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the LegalTech Breakthrough Awards program is devoted to honoring excellence in legal technologies, services, companies and products. The LegalTech Breakthrough Awards program provides a forum for public recognition around the achievements of LegalTech companies and solutions in categories including Case Management, Client Relations, Data and Analytics, Documentation, Legal Education, Practice Management, eDiscovery and more. For more information visit LegalTechBreakthrough.com
Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.
About LexisNexis
LexisNexis provides legal, regulatory, and business information and analytics that help customers increase their productivity, improve decision-making, achieve better outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves customers in more than 150 countries with 11,300 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.
Media Contact:
Bryan Vaughn
LegalTech Breakthrough
949.529.4120
Bryan@LegalTechbreakthrough.com
