Hyperion Announces First Ever Assessment of the Value of E-Billing to Law Firms
New TrendViewTM Legal Market Intelligence Report Examines Value in e-Billing for Driving Business and Revenue
Sugar Land, TX – August 23, 2016 – Hyperion Global Partners, a premier business and technology consulting practice to the legal profession, today announces the company’s research arm has released its highly-anticipated TrendViewTM Report: Finding Value in e-Billing. The report is the culmination of a nearly year-long market survey project seeking to explore the value proposition of e-billing among law firm users and whether legal organizations are realizing the benefits advertised for e-billing. It represents the first ever assessment of the value of e-Billing to law firms.
[well] Download your copy today! TrendView: Finding Value in E-Billing [/well]
Serving as an invaluable resource of insights and sentiments regarding one of the legal market’s most prevailing solution areas, the report seeks to examine e-billing technology from a vantage point that’s rarely addressed: whether law firms are sharing in the broad range of benefits widely marketed and ascribed in this uniquely legal solution market. The survey results were surprising and compelling. Although the investigation reveals e-billing technology to be widely employed by law firms, it also reveals an enormous opportunity gap to serve and address the unmet needs of an eager and enthusiastic law firm constituency.
The TrendViewTM report defines the dynamics and profiles typical of e-billing law firms, and seeks to assess the impact e-billing has on client satisfaction and process efficiency. Law firms surprised us with the tremendous values they ascribed to e-billing capabilities and the way these technologies help them build closer ties with their clients. Some notable highlights from the report include:
- e-Billing clients represent, on average, 35% of law firms’ overall client base
- The typical firm supports 13 different e-billing systems
- Law firms generally don’t believe e-billing contributes to improved communications or visibility (long marketed to law firms as key value propositions)
- The majority of firms consider e-billing to be a competitive differentiator
- Most notably, 71% of firms believe that e-billing drives future business
The report discusses law firm e-billing from every perspective, including average e-billing law firm profiles, law firm economic profiles, fast-pay discounts, client relationships, payment turnarounds, value sentiments, e-billing solutions and system satisfaction, e-billing fees, and support.
“This reports presents a number of insights and facets to how law firms, the critical underpinnings of the $750-million ELM market, derive value from e-billing beyond the ‘cost of doing business’,“ said Eyal Iffergan, President of Hyperion Global Partners. “Most importantly, this study imparts the first empirical data to demonstrate that law firm sentiments overwhelmingly support electronic invoicing and spend management capabilities and that they realize demonstrable, quantifiable, revenue-driven value from it.”
The project was graciously sponsored by Wolters Kluwer ELM Solutions and is available immediately for purchase here.