Over 1,000 Law Firms Adopt Serengeti Accrual Reporting

Groundbreaking Module Gains Rapid International Acceptance in First Six Months

Bellevue, WA – September 18, 2008 – Serengeti today announced that just six months after the release of its accruals collection module, over 1,000 law firms in 60 countries have submitted more than 50,000 accruals to corporate clients. With this groundbreaking functionality, corporate law departments automatically receive work-in-process accruals – unbilled time and future spending estimates – which are necessary for accurate financial statements. This unprecedented adoption of new technology further underscores Serengeti’s position as the largest and most active legal network in the world (over 90,000 users; 2,000 new users each month).

IMMEDIATE PRODUCTIVITY GAINS
The Serengeti Accruals collection module replaces a series of time-consuming tasks with one automated process. Previously, staff at law departments had to spend many hours 1) contacting law firms to request accruals, 2) monitoring responses, and 3) compiling the data for delivery to finance. Law firms then had to track and respond to these simultaneous requests from numerous corporate clients on a quarterly, or even monthly basis. Now, Serengeti delivers a web-based solution to streamline the process.

NO COST OR INSTALLATION
Because the accruals module is built on the same platform that law firms in 160 countries are already using to submit electronic bills and other information, there are no setup or usage costs. Companies simply enable the module and select which law firms should submit accruals. The system then automatically notifies firms when accruals are due, collects the information, and organizes the resulting data for submission to the corporation’s finance department.

"At Albemarle, we took a time consuming manual process for collecting monthly accruals from more than 75 law firms and converted it to the on-line accrual reporting system in Serengeti Tracker. This new workflow allowed us to streamline our entire process for collecting unbilled amounts and future spending estimates. Setting up the module was simple, and now our monthly accruals are gathered automatically by running one report," said Margaret Wendt, Law Department Administrator at Albemarle Corporation.

About Serengeti Law
Serengeti Law provides Serengeti Tracker, the most widely used and highest rated matter management and electronic invoicing service for corporate law departments to work more efficiently with their law firms. Serengeti Tracker includes online document and contract management, electronic bill auditing, automated budget management, and performance tracking. In-house counsel can also create configurable management reports online to analyze trends in spending, track status and results, and create performance benchmarks. More information is available at: www.serengetilaw.com.

Press Contact:

Rob Thomas
Vice-President, Strategic Development
Serengeti Law
(425) 732-5518
rob.thomas@serengetilaw.com

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Back to Press Releases Articles of Interest News Archives	Over 1,000 Law Firms Adopt Serengeti Accrual Reporting Groundbreaking Module Gains Rapid International Acceptance in First Six Months Bellevue, WA – September 18, 2008 – Serengeti today announced that just six months after the release of its accruals collection module, over 1,000 law firms in 60 countries have submitted more than 50,000 accruals to corporate clients. With this groundbreaking functionality, corporate law departments automatically receive work-in-process accruals – unbilled time and future spending estimates – which are necessary for accurate financial statements. This unprecedented adoption of new technology further underscores Serengeti’s position as the largest and most active legal network in the world (over 90,000 users; 2,000 new users each month). IMMEDIATE PRODUCTIVITY GAINS The Serengeti Accruals collection module replaces a series of time-consuming tasks with one automated process. Previously, staff at law departments had to spend many hours 1) contacting law firms to request accruals, 2) monitoring responses, and 3) compiling the data for delivery to finance. Law firms then had to track and respond to these simultaneous requests from numerous corporate clients on a quarterly, or even monthly basis. Now, Serengeti delivers a web-based solution to streamline the process. NO COST OR INSTALLATION Because the accruals module is built on the same platform that law firms in 160 countries are already using to submit electronic bills and other information, there are no setup or usage costs. Companies simply enable the module and select which law firms should submit accruals. The system then automatically notifies firms when accruals are due, collects the information, and organizes the resulting data for submission to the corporation’s finance department. "At Albemarle, we took a time consuming manual process for collecting monthly accruals from more than 75 law firms and converted it to the on-line accrual reporting system in Serengeti Tracker. This new workflow allowed us to streamline our entire process for collecting unbilled amounts and future spending estimates. Setting up the module was simple, and now our monthly accruals are gathered automatically by running one report," said Margaret Wendt, Law Department Administrator at Albemarle Corporation. About Serengeti Law Serengeti Law provides Serengeti Tracker, the most widely used and highest rated matter management and electronic invoicing service for corporate law departments to work more efficiently with their law firms. Serengeti Tracker includes online document and contract management, electronic bill auditing, automated budget management, and performance tracking. In-house counsel can also create configurable management reports online to analyze trends in spending, track status and results, and create performance benchmarks. More information is available at: www.serengetilaw.com. Press Contact: Rob Thomas Vice-President, Strategic Development Serengeti Law (425) 732-5518 rob.thomas@serengetilaw.com ■ TOP