UTBMSUniform Task-Based Management System
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For this reason, the UTBMS coding standard provides the most benefits to law firms, because they can avoid divergent and administratively costly coding systems promulgated independently by their various clients.
The UTBMS billing codes are helpful but not mandatory.
Most companies utilize billing guidelines to define a firm's rate structure, UTBMS code usage (essential for accurate data collection), task billing expectations such as block billing, minimum billing increments, and administrative task definitions as well as expense billing expectations among other things.
While noncompliance with some billing guidelines such as disallowance of block billing or the mandated use of UTBMS codes may not equate to "overbilling," they do impede the ability to accurately collect and analyze billing data and other key performance indicators ("KPIs") which are the most important and powerful tools in a legal spend management program.
Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment and invoice automation solutions, today announced support for updates to the industry-standard UTBMS legal budgeting and billing code set within Legal eXchange.
The effort to revise the UTBMS code set, which was co-facilitated by Bottomline, attracted the participation of other solution providers, law firms and leading insurance carriers, including Liberty Mutual, AIG, Zurich, The Hartford and Farmers Insurance.
Our goal is that these code sets will help companies understand where they are spending IP services dollars," explained Bill Heinze, chair of the UTBMS IP Working Group patent subcommittee and patent procurement counsel for GE Energy.
The session will highlight why corporate law departments are requiring these new formats, how to create them and how LEDES and UTBMS data can help unify processes between law firms, clients and vendors.
HOUSTON & LONDON -- The Uniform Task-Based Management System (UTBMS) Initiative, a consortium of more than 150 worldwide legal industry stakeholders seeking to help advance a budgeting and billing system which provides clients and law firms with meaningful cost information on legal services, today announced the release of a new beta version of the UTBMS projects, patents and trademarks code sets for immediate use and public comment.
LONDON -- The UTBMS Initiative, a global consortium of legal-industry stakeholders including law firms, corporate legal departments, vendors, consultants and interested others, today announced the release of an online survey aimed at gathering public input in preparation for finalization of changes to the UTBMS task codes.
UTBMS Coded, Guideline Reviewed, Browser Based, Interactive