Aderant, the company that provides business management software for law firms, said today that it will soon release an AI-powered product that will automate law firms’ compliance with outside counsel guidelines.
It will launch the product, which it calls Onyx, at its Momentum user conference in Denver May 8-11.
“Law firms have been grappling with billing and compliance for far too long, and it’s about time they had a solution that actually works,” Aderant President and CEO Chris Cartrett said. “Aderant is proud to offer the first advanced AI platform that ensures compliance across the entire time and billing journey.”
Learn about Aderant products at the LawNext Legal Technology Directory.
According to Aderant, Onyx will:
- Automatically detect risks and provide real-time guidance to help firms ensure that time entries, expenses, bills, and e-bills are compliant with client guidelines.
- Reduce the cost of compliance. The Onyx AI will extract terms from lengthy outside counsel guidelines (OCGs) and categorize them for easy reference with minimal human intervention, Aderant said. It then helps create and validate rules at each step of the time-and-billing process.
- Provide a centralized repository of client guideline documents, terms and rules, categorized by client, matter and business area, to make them easier to find. The system will track any changes to OCGs and notify relevant parties, so that everyone is up to date.
Increase revenue, by reducing the number of bill rejections, write-downs, and write-offs.
Onyx will integrate with all major legal financial and practice management systems, Aderant said.
“Onyx is a game-changer for law firms because it addresses these challenges at their core,” said Aderant Chief Product Officer Doug Matthews. “For the first time ever, firms can ensure end-to-end compliance, improve coordination across multiple teams, reduce costs, and minimize reductions and delays in compensation.”
Aderant said it will be demonstrating Onyx during its Momentum conference for both live and virtual attendees. Also, it will offer special pricing incentives to firms that sign up for Onyx at the event.