SUGAR LAND, TX – May 15, 2023 – AdvoLogix®, a leading provider of cloud-based enterprise legal management solutions, today announced the introduction of Alternative Fee Arrangements (AFAs) and Accruals to its Spend Management platform. The addition of these features significantly enhances the capacity of legal teams to monitor and control their legal spend, improving cost-effectiveness and operational efficiency.
The AFAs and Accruals feature brings a new level of flexibility and transparency to legal spend management. Clients can now negotiate and structure a variety of fee arrangements with their legal service providers, moving away from traditional hourly billing towards more predictable cost models. This is further complemented by the Accruals feature, which allows for more complete financial forecasting by tracking anticipated expenses.
“AdvoLogix is dedicated to evolving with the needs of our clients, and the addition of Alternative Fee Arrangements and Accruals is a testament to that commitment,” says Jonathan Reed, CEO of AdvoLogix. “By integrating AI technologies like the Caster, we’re providing our clients with the tools they need to achieve greater transparency, flexibility, and efficiency in their legal spend.”
Clients across various industries are already benefiting from the AI-driven features of AdvoLogix Spend Management, such as the AdvoLogix Caster. This AI-powered solution, which harnesses OpenAI’s GPT and advanced deep learning techniques, streamlines the invoicing process by automatically extracting, standardizing, and normalizing detailed invoice data from virtually any invoice format. Together with the newly introduced AFAs and Accruals, these enhancements offer a comprehensive, intelligent solution for managing legal spend.
AdvoLogix Spend Management, built on the Salesforce platform, offers a secure, flexible, and robust solution for legal operations. The addition of AFAs and Accruals further broadens the capabilities of the platform, empowering legal teams to better control their spend, manage risk, and meet the rapidly changing needs of their internal and external stakeholders.
Learn more about AdvoLogix Spend Management here.
Established in 2006, AdvoLogix is a trailblazer in providing comprehensive enterprise legal management solutions for law firms, corporate legal departments, and state and local governments. Their versatile cloud-based software is designed to manage and streamline legal spend, automate legal operations, and enhance invoice processing with AI-driven capabilities. AdvoLogix offers a highly adaptable platform to accommodate specific workflows and practice standards, ensuring superior security and reliability. With extensive configuration options and seamless integration with a wide array of add-on applications, AdvoLogix empowers clients to tailor the solution to their unique business needs. For more information, please visit www.advologix.com and follow AdvoLogix on Twitter @AdvoLogix.
AdvoLogix Marketing Team