How Tech Start-up Legal Lens Is Reducing Legal Fees By Up To 60%
How Tech Start-up Legal Lens Is Reducing Legal Fees By Up To 60%. Legal Lens provides the only effective legal spend management solutions to prevent improper and unethical legal billing. Legal Lens utilises experienced attorneys, artificial intelligence and machine learning to review unpaid legal invoices and reduce legal fees by up to 60%. Utilising industry data and insight from its experienced team of attorneys, it reviews attorneys’ fixed fee quotes to determine whether they are accurate and it suggests ways to mitigate further costs. Legal Lens reviews attorney’s terms of service and supplements it with a bespoke billing policy, in order to promote transparency which is structured around value and what value means for the customer.
The start-up has launched in a bid to protect companies, state entities, and individuals from inflated legal fees, claiming to be able to reduce legal fees by as much as 60 per cent, or by an average of 10 per cent. Launched in November 2020 by Catherine-Jane Paulse and Yusha Davidson, both admitted attorneys, Legal Lens allows users to send in legal invoices as well as any correspondence regarding fee arrangements and their letter of engagement with the lawyer.
“We realised that it’s awkward and difficult reviewing legal invoices, as clients fear disrupting the close relationship they have with their lawyers and may not have the knowledge needed to dispute a legal invoice. It’s time-consuming. So, we developed a tech solution to review legal invoices and reduce legal fees.” Davidson told Venture Burn.
To use the innovative service offered by Legal Lens, clients must send their legal invoices and any correspondence regarding fee arrangements and a letter of engagement with the lawyer. With the use of optical character recognition, experienced attorneys, and machine learning, the legal tech start-up is able to review invoices and identify areas for potential savings. Legal lens engages with its client regarding the lawyer’s fees in dispute. All details and engagements are handled professionally to maintain a good relationship between the client and its lawyer. The process will result in a new legal fee that is renegotiated and revised with a new invoice issued on an agreed payment amount.
