Business & Advisory
Experienced lawyers understand that their clients in mass torts and class actions are often better served by outsourcing legal support services so they can focus on legal advocacy. Verus offers an experienced team of professionals specializing in accounting, time & expense tracking and billing, matter management, auditing, subrogation recoveries, lien resolution services, business process assessments and customized training. Our experts work with clients to improve service delivery while also promoting and reinforcing good governance practices or independence, responsiveness, and transparency.
Our services include:
Delivering the best possible advocacy for their clients while paying attention to their duty to provide transparent, detailed and timely billing and expense information is an everyday burden for all attorneys.
Ideally, a legal team would log time and expenses in real time, but many existing solutions for keeping contemporaneous records are time consuming and viewed as an intrusion on the practice of law. Lawyers need a recordkeeping solution that reduces the perceived strains of timekeeping and results in increased compliance with timekeeping practices that the overseers of Common Benefit Funds expect.
TracIT is the solution to keeping accurate time and expense records in real time. Verus designed TracIT with the unique demands of complex, mass tort litigation in mind. By reducing the administrative overhead of time and expense tracking, TracIT enables firms to spend more of their valuable time practicing law while still providing stakeholders the transparency into litigation costs required by the complex billing guidelines often imposed in mass tort cases.
TracIT, a cloud-based responsive application that can be used on both desktop and mobile device versions, is revolutionizing legal billing technology with a design that is easily customizable to fit the way each law firm works. TracIT’s approach to data capture, reporting and oversight allows everyone on the litigation team to capture billing data accurately and quickly so they can spend more time on advocacy.
- Upload saved photos or images of receipts directly from mobile devices or desktop computers.
- Supports multiple methods for entering time and expenses: single entries, weekly, or monthly timesheet forms and ability to import from Excel.
- Customizable interface that can be tailored to each law firm’s requirements.
- Automatic alerts of time and expense entries that violate project-specific billing guidelines.
- Comprehensive reporting tools supporting scheduled, automated distribution to keep all interested parties informed and up-to-date.
Additionally, our team can provide the following services on TracIT data:
- Customized reporting that offers statistical analysis of trends, enabling faster resolution of emerging issues and improved decision making by parties exercising oversight.
- Consulting services to enhance functionality with custom features for unique project requirements.
- Billing review, auditing, and reporting services to ensure independence, transparency and fairness of distributions.
Legal professionals do not want to be distracted from their core function, protecting their clients. With accounting and budgeting being so critical to effective litigation management, Verus’ accounting professionals provide a cost effective solution to the financial reporting and budget management needs of legal professionals engaged in complex disputes.
- Bookkeeping and invoicing at the matter level.
- Asset management to manage qualified settlement funds or asset portfolios with dashboard tools that provide insight into daily performance and forward looking projections.
- Disbursement services that create a secure, transparent process for all the stakeholders.
- Comprehensive analytics that empower clients to make the best decisions available as both dashboards and reports, anywhere clients need it.
- Customized reporting from balance sheets and income statements to more client-specific reporting.
- Vendor selection and management to ensure that only the proper parties are being compensated and that clients are tracking those parties for tax and reporting purposes.
Large, complex legal matters lead to significant information risk. The best way to reduce that risk is through well designed Compliance services. Whatever the challenge, our compliance team can help you achieve your goal of reducing information risk and enhancing the value of your data for more informed decision making. The combination of Verus’ compliance professionals with our data science and information management experts provide clients with a solution beyond their traditional expectations.
- Operational compliance includes a systematic review of operational functions to assess efficiency and effectiveness.
- Regulatory compliance includes a comprehensive reviews of an organization’s conformity with guidelines set by ruling authorities or governing bodies.
- Detailed planning to gain a full understanding of client’s legal matter and all the parties involved followed by a testing phase of client’s process and compliance. Lastly, a reporting phase with integrated analytical analysis and recommendations on best practice improvements and/or process enhancements.
- Visual reports that help clients make changes to their current processes.
- Understanding of the meaning of the report conclusion and the impact the recommended changes will have on clients’ matters.
All business entities, no matter the industry, tend to have operational inefficiencies, unmanaged risks, and margins that result in untapped possibilities for revenue. All of these can be improved to create value for your company.
A key aspect of this service is the customized training developed and led by our certified Six Sigma professionals. Our leaders work closely with clients to create a continuous improvement process culture that delivers real value.