Where automation is going next in Time Recording
Automation is talked about a lot in the legal tech space, but what in practice is it delivering? Well, a strong demonstration of how it genuinely helps firms can be found in the example of Tikit’s Carpe Diem timekeeping platform.
Despite the original incarnation of Carpe Diem appearing 20 years ago, Tikit benefits from access to the deep developmental pockets of its owner, BT Group. Their continual investment has kept Carpe Diem on the leading edge of what automation in time recording can achieve. So here are some examples of what leading-edge automation can actually do.
Help with billing transparency and compliance
Law firms have to be increasingly mindful of compliance with their clients’ outside counsel guidelines, and therefore Carpe Diem has automated “awareness” and “third-party validation” (TPV) features. The moment a fee earner makes a system entry, “awareness” automatically provides guidance on compliance rules. Meanwhile, “third-party validation” can automatically attach any validation rule to the Carpe Diem “save” or “submit” process. Carpe Diem third-party validation also enables seamless integration with eBillingHub providing validation at the moment of time entry.
Forecasting and resource management
Carpe Diem has become what we can justifiably call “a timekeeping platform.” This is because it goes well beyond what a practice management timekeeping application can do, and its forecasting and resource management functions are a good demonstration of this. Of course, firms can do these things with spreadsheets, a calculator, and a lot of time and patience. The alternative is to use Carpe Diem which captures resource availability levels so workloads can be managed effectively and resources forecast automatically.
The latest and most exciting demonstration of automation in legal tech is Carpe Diem Intelligent Time. This enhancement was launched at the beginning of 2019 and was immediately picked to be a finalist in Legaltech’s Product Innovation competition at Legalweek in New York.
Intelligent Time uses natural language processing to automatically interpret free form text or dictated notes and convert them, seamlessly, into a structured and fully validated time entry. This enhances the efficiency of the lawyer, and the cumulative effect builds into a significant impact on firm productivity. It’s the latest demonstration of how thoughtfully applied automation and some elements of Artificial Intelligence are making a substantial contribution to the profitability of firms.
Read more from the Thomson Reuters Forefront newsletter here
And read an article written by Nick Jenner, Carpe Diem Product Manager, here