A Fortune 500 company in New York came to Cystems Technology with a basic problem. Year-end accruals required eight full-time people to solicit fee estimates from hundreds of firms around the world. More than 2,000 man-hours later, the estimates proved to be only 55% of the real total that would roll in after they closed the books.
See MatterTrack in action.
Our objectives were threefold:
- Improve accuracy: Manage spend more efficiently by forecasting fees that were less than 10% of the actual amount on a month-by-month basis throughout the year — not just at year-end.
- Simplify and automate: Emailing spreadsheets and calling firms one at a time did not scale. Legal Finance Managers struggled to stay ahead of the work.
- Decrease training requirements: The end-users were administrative assistants, accountants, or even the attorneys themselves, often logging on only once per month. Any time wasted relearning how to use the system would eat away at the savings that motivated the change in the first place.