CostsbudgIT  will reduce the time spent on preparing, revising and comparing costs budgets by up to 50%.
Founders say it will set new industry standards.
A new web based software solution is set to “revolutionise” the way in which litigators prepare, revise and compare costs budgets.
CostsbudgIT is the brainchild of Nick McDonnell, director at Just Costs Solicitors . For the past two years, Nick McDonnell has been working with UK software company Ultimedia.
The result of this joint venture is the creation of a web-based system that assists practitioners by guiding user behaviours to ensure quick, efficient and accurate costs budget preparation which will set new industry standards.
“CostsbudgIT is a real game changer,” said Nick McDonnell.
“There’s little doubt the future belongs to law firms that are able to utilise technology in order to maximise efficiencies. With CostsbudgIT, we have taken this principle and applied it directly to costs budgeting.
“At present, the main methods to prepare costs budgets are the Ministry of Justice’s excel documents, extensions to case management systems and costs drafting software – but they’re all fraught with difficulties and complications for practitioners.
“CostsbudgIT has been designed as a direct response to the problems practitioners face every day when preparing costs budgets. It has been designed by practitioners and built by software specialists making it the most straightforward and uncomplicated tool for preparing costs budgets.
“With its user friendly layout the software guides the user through a series of prompts and screens directing them to consider the issues of each case ensuring the budget is accurate, complete and represents all work needed in the pursuit or defence of the claim.
“Using CostsbudgIT makes life simpler and more accurate when preparing a costs budget. The system itself guides behaviour, is very easy to navigate and will considerably reduce the time needed to complete the exercise.”
“External testing has shown that using CostsbudgIT can reduce the time currently being spent on preparing a costs budget by up to 50%.
“There is already a cap on the recoverable cost of budget preparation, and therefore limitations to the length of time that can be spent, and CostsbudgIT makes far better use of that time. Any time saving exercise contributes to avoiding disproportionate costs. It also means practitioners can spend time on other fee earning activities.”
Said Garry Diver, CEO of Ultimedia: “We are pleased to have developed this system alongside Nick and the Just Costs team. We believe will be a step up in the preparation of cost budgets. Our experience is that well designed software can be easy to learn and use and we are certain that CostsbudgIT will meet that goal.”