Time and Expense Management: TracIT
Delivering the best possible advocacy for their clients while paying attention to their duty to provide transparent, detailed and timely billing and expense information is an everyday burden for all attorneys.
Ideally, a legal team would log time and expenses in real time, but many existing solutions for keeping contemporaneous records are time consuming and viewed as an intrusion on the practice of law. Lawyers need a recordkeeping solution that reduces the perceived strains of timekeeping and results in increased compliance with timekeeping practices that the overseers of Common Benefit Funds expect.
TracIT is the solution to keeping accurate time and expense records in real time. Verus designed TracIT with the unique demands of complex, mass tort litigation in mind. By reducing the administrative overhead of time and expense tracking, TracIT 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 in mass tort cases.
TracIT, a cloud-based responsive application that can be used on both desktop and mobile device versions, is revolutionizing legal billing technology with a design that is easily customizable to fit the way each law firm works. TracIT’s approach to data capture, reporting and oversight allows everyone on the litigation team to capture billing data accurately and quickly 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.
- Customizable interface that can be tailored to each law firm’s requirements.
- Automatic alerts of time and expense entries that violate project-specific billing guidelines.
- Comprehensive reporting tools supporting scheduled, automated distribution to keep all interested parties informed and up-to-date.
Additionally, our team can provide the following services on TracIT data:
- Customized reporting that offers statistical analysis of trends, enabling faster resolution of emerging issues and improved decision making by parties exercising oversight.
- Consulting services to enhance functionality with custom features for unique project requirements.
- Billing review, auditing, and reporting services to ensure independence, transparency and fairness of distributions.