Predictive coding in the legal world usually means predicting the total cost of a matter or litigation. The idea is to use software to predict the likely end result ahead of time so that you can make better decisions.
Predictive Invoice Coding
Today, SimpleLegal is launching predictive coding for legal invoices. Early customers are seeing accuracy from our software of between 90%-97%. They are now review the results of our software and spend up to 90% less time coding invoices.
Ask any corporate lawyer and they'll tell you that they hate coding invoices. Legal invoices need all kinds of codes. UTBMS codes, task codes, project codes, customer codes, and cost codes.
Before SimpleLegal, invoices were printed out and so that codes could be handwritten line by line on the paper invoice. Then, the paper invoice was handed off to accounting to be re-typed into a spreadsheet and then entered into the payment system. It was a necessary but painful task.
Today, with SimpleLegal, invoice coding is primarily handled by software. The legal team no longer has to assign a code to each line. They only have to review the codes to verify that they are correct. We've reduced the time required to code an invoice by over 90%. More importantly, we've taken a task that no one likes, and we made software do it.