Managing expenses can be a significant drain on time for legal professionals. Collating receipts and completing reports can result in lost hours that could be far better spent on practicing law. Moreover, every unreimbursed dollar adds financial strain to firms. According to a study commissioned by AffiniPay, it was found that over 89% of respondents spend more than one hour a month dealing with expenses.
In an attempt to address this issue, MyCase has recently announced the development of MyCase Smart Spend. This new feature is an expense tracking tool that is set to be introduced across all products in the AffiniPay suite. MyCase Smart Spend is essentially a corporate Visa card that relays expense data directly onto the firm’s MyCase dashboard.
The new tool provides firms with the ability to distribute physical or virtual cards to their attorneys and staff, set spending caps, capture receipts, and add reimbursable costs to client invoices. An easy-to-understand workflow allows an attorney to make a purchase within the set spending limit and receive a text or email notification that includes all the purchase data. This notification also includes a link where the attorney can add extra expense information, like detailed notes, observing a category from a drop down menu, or photographing the physical receipt. Additionally, the expense can be linked to a client and matter number via MyCase and automatically added to the next invoice.
MyCase Smart Spend also includes a comprehensive analytics feature that permits the user to monitor expenses in real time. In partnership with Visa and Marqeta, a modern card issuing platform, AffiniPay is aiming this new product at the vast market of legal professionals. The Beta release of MyCase Smart Spend is scheduled for Q2, with general accessibility planned for Q3. Furthermore, CASEPeer is also set for a release in Q4 and LawPay in Q1 of 2025.