Hyperion Announces Legal Industry's First Ever Assessment of the Value of e-Billing to Law Firms
New TrendView Legal Market Intelligence Report Examines Value in e-Billing for Driving Business and Revenue
Serving as an invaluable resource of insights and sentiments regarding one of the legal market's most prevailing solution areas, the report seeks to examine e-billing technology from a vantage point that's rarely addressed: whether law firms are sharing in the broad range of benefits widely marketed and ascribed in this uniquely legal solution market. The survey results were surprising and compelling. Although the investigation reveals e-billing technology to be widely employed by law firms, it also reveals an enormous opportunity gap to serve and address the unmet needs of an eager and enthusiastic law firm constituency.
The TrendViewTM report defines the dynamics and profiles typical of e-billing law firms, and seeks to assess the impact e-billing has on client satisfaction and process efficiency. Law firms surprised us with the tremendous values they ascribed to e-billing capabilities and the way these technologies help them build closer ties with their clients. Some notable highlights from the report include:
• e-Billing clients represent, on average, 35% of law firms' overall client base
• The typical firm supports 13 different e-billing systems
• Law firms generally don't believe e-billing contributes to improved communications or visibility (long marketed to law firms as key value propositions)
• The majority of firms consider e-billing to be a competitive differentiator
• Most notably, 71% of firms believe that e-billing drives future business
The report discusses law firm e-billing from every perspective, including average e-billing law firm profiles, law firm economic profiles, fast-pay discounts, client relationships, payment turnarounds, value sentiments, e-billing solutions and system satisfaction, e-billing fees, and support.
"This reports presents a number of insights and facets to how law firms, the critical underpinnings of the $750-million ELM market, derive value from e-billing beyond the 'cost of doing business'," said Eyal Iffergan, President of Hyperion Global Partners. "Most importantly, this study imparts the first empirical data to demonstrate that law firm sentiments overwhelmingly support electronic invoicing and spend management capabilities and that they realize demonstrable, quantifiable, revenue-driven value from it."
The project is sponsored by Wolters Kluwer ELM Solutions and is available for purchase at Hyperion Research (http://www.hgpresearch.com).
About Hyperion Global Partners
Hyperion Global Partners is a premier global consultancy to legal and professional services organizations. The company works with AmLaw 200 law firms and Global 1000 corporations to manage the challenges of their business – operational, process, organization and technology management issues. With a team of the best and brightest in the industry, the company brings unparalleled expertise, with a healthy dose of pragmatism, to help its clients align and execute strategic business objectives. The company is a multi-disciplinary professional services firm focused on key business management and technology areas.
About Hyperion Research
Hyperion Research is the legal industry's premier source of independent market research and advisory services. We provide unparalleled insight to the leading trends in legal strategy, operations, and technology. We work with law departments, law firms and other legal service organizations to make intelligent, fact-based decisions about how to improve their operational performance. We also work with solution providers, including software vendors, professional service groups and consultants, to help them better understand the latest market trends and the needs of their customers.
Hyperion Global Partners: http://www.hyperiongp.com