Time and Expense Management
Multidistrict litigations (MDLs) typically involve many law firms. This presents unique governance challenges on many levels, and in particularly as it relates to the tracking of time and expenses. The overseers of the Common Benefit Fund demand increased compliance with time and expense tracking practices and expect transparent, detailed, and uniform entries from the participating firms. Paying attention to their duty to provide this detailed and timely billing and expense information while working hard on representing clients, can quickly become a burden for the lawyers involved. Law firms need a recordkeeping solution that reduces the strains of timekeeping and delivers the detailed information expected and required by the court so it can make fair common benefit work compensation decisions.
Ideally, a legal team would log time and expenses in real time, but existing solutions for keeping contemporaneous records are time consuming and viewed as an intrusion on the practice of law. The Verus Time & Expense System is the solution to keeping accurate time and expense records in real time. Designed specifically for the unique demands of complex, mass tort litigation in mind, the system reduces the administrative overhead of time and expense tracking. This enables firms to spend more of their valuable time practicing law while still providing stakeholders the transparency into litigation costs required by the complex billing guidelines often imposed by the Common Benefit Fund.
The Verus Time & Expense System, a cloud-based responsive application, can be used on both desktop and mobile devices. The system is easily customizable to fit the needs and specializations of the common benefit order. Its approach to data capture, reporting, and oversight allows everyone on the litigation team to capture billing data accurately and timely so they can spend more time on advocacy.
- Upload saved photos or images of receipts directly from mobile devices or desktop computers.
- Supports multiple methods for entering time and expenses: single entries, weekly or monthly timesheet forms and ability to import from Excel.
- Ability to setup alerts for time and expense entries that violate project-specific billing guidelines.
- Convenient comprehensive reporting tools to support scheduled automated distribution in order to keep all interested parties informed and up-to-date.
- Support is available to assist in the timekeeping process.
Additional Value-Added Services:
- Customized reporting that goes beyond the basics and provides interactive dashboards that offer statistical analysis of trends, enable faster resolution of emerging issues and improved decision-making by parties exercising oversight.
- Consulting services to enhance functionality with custom features such as rules and validation requirements.
- Review and assessment of billing submissions, in addition to compliance and reporting services to ensure independence, transparency and fairness of distributions.