Laurel
Transforming Legal Billing with AI for Increased Profitability

Laurel, a trailblazer in employing real AI reshapes the longstanding practices of time and billing management within the professional services sector. The firm’s innovative AI technology goes beyond basic time tracking to enhance efficiency and profitability. Its platform accurately captures and organizes billable activities, offering cleaner billing data for smarter firm management and transforming how professional service firms approach client profitability.

Performing AI-driven analysis to generate comprehensive data sets enables organizations to reimagine their client-building strategies through alternative fee arrangements (AFAs) or other flat fee arrangements. By doing so, Laurel strengthens its financial position in the market while meeting heightening client expectations.

Ryan Alshak, founder and CEO of Laurel, emphasizes, “As part of our efforts, we strive to assist law firms by providing cutting-edge solutions for timekeeping, which is usually handled manually.”

While other capture systems help lawyers recall their tasks, Laurel stands out as the first solution that can fully automate the process of creating timesheets for them. The technological breakthrough reduces manual tracking efforts while guaranteeing accuracy in time management, representing a significant stride forward in professional productivity.

Laurel functions seamlessly across four essential components. It begins by integrating all the programs lawyers use for billable work, ensuring that every digital activity with billing potential is automatically recorded. Using AI, the system converts these digital footprints into relevant time entries, predicts associated client issues, and generates compliant narratives, thereby simplifying the processes for users. A user-friendly interface swiftly reviews, edits, and approves time entries, ensuring accuracy and efficiency.

In addition, connectivity with the law firm’s billing systems streamlines the invoice process, leading to faster and more accurate invoice generation for improved profitability.

Laurel's impact on AM Law firms' operations is substantial. Firms using Laurel can expect increased profitability, ranging from 4 to 11 percent. On average, each timekeeper bills an additional 28 minutes of billable time per lawyer per day, resulting in a 40 percent increase in compliant, accurate, and structured data input. The system also reduces the pre-billing process by two days, resulting in clients receiving invoices a week earlier-improving realization rates ranging from 1 to 4 percent.

As part of our efforts, we strive to assist law firms by providing cutting-edge solutions for timekeeping, which is usually handled manually

The success of any technological endeavor hinges significantly on the team behind it. Laurel's combination of legal expertise, top-tier software development, and data talent leads to the creation of cutting-edge solutions that are specifically designed to meet the legal community’s needs. By recruiting individuals from renowned tech and law companies, it taps into the expertise of top technologists who excel in their respective fields. This allows the system to efficiently utilize the latest innovations, addressing unique challenges within the legal domain and encouraging the use of AI in professional services.

By reshaping client-building strategies and streamlining administrative tasks, Laurel paves the way for a future where AI integration becomes synonymous with enhanced profitability and leverage in the legal industry.