The first step in taking control of legal spend is to set budgets consistently. Brightflag centralizes this effort, providing a single interface for requesting, approving, and tracking changes to budgets, meaning no more endless email threads or complicated spreadsheets.
Department or individual matter budgets? Yes.
Brightflag supports both top-down (e.g., by department, region, or practice group) and bottom-up (matter by month or phase) budgeting. Whatever your organization’s approach to financial planning, Brightflag helps you tie everything together and gain real-time visibility into spend against budget.
Allocate matter budgets to individual vendors.
Brightflag makes it easy to allocate matter budgets to individual vendors so each can be held accountable. Vendor budgets can be entered as total amounts or for individual months or matter phases. A contingent budget can also be specified, hidden from all vendors, to account for overruns.
See into the future, courtesy of AI-powered forecasts.
Brightflag leverages big data and machine learning to predict how much spend is likely to be incurred under each top-down budget. This sophisticated technology delivers the legal spend predictability that has eluded corporate legal departments for decades, creating confidence in cost control initiatives.
Leverage historical data to inform future budgets.
Compare similar past matters to set appropriate budgets. Delve into the data to understand the hours worked, the resourcing profile, and the costs for individual tasks and activities. Historical data can also be used to separate large and non-recurring matters from ongoing work and inform annual budgets.