Pricing legal matters is part art and part science. In the past, law firm pricing team members spent inordinate amounts of time manually entering data into spreadsheets, which siloed information from the wider team and provided limited insights into past matters to inform future engagements. Modern law firm pricing teams focus on centralizing key matter information from across the firm, simplifying the pricing process, unlocking the power of connected firm data to produce useful reports, and leveraging the power of AI to promote future pricing success.
Simplifying the Legal Pricing Process
Law firm pricing teams are frequently geographically dispersed, whether to support specific offices and practice groups or to help the firm attract top pricing talent. But when distributed teams work from siloed spreadsheets and documents on local hard drives or servers, this complicates team collaboration. Given that legal pricing strategies change quickly from client to client — and even day to day — it makes sense to inform all pricing plans using accurate, rich data sets.
To improve matter pricing workflow adoption and support legal pricing trends, firms need to centralize storage of key information. Storing pricing data in the secure cloud — where it’s accessible to everyone who needs it — yields a number of competitive advantages that on-premises solutions lack.
Cloud-based connected firm management software helps law firm pricing teams customize secure configurations to suit firm needs and client requirements. It creates a simplified process with easy accessibility for firm members, provides solid and deep data analytics, and enables AI-powered insights that can directly improve matter outcomes and overall firm success. Your data remains up to date, easily accessible, and efficient to use.
Chronically short-staffed law firm pricing teams crave automation to streamline the pricing process and enable team collaboration with access to rich data sets. Applied AI helps firms derive metrics and reporting to power future pricing capabilities that maximize realization rates.
Improving Data Analytics
Managing law firm pricing in the cloud also improves reporting and analytics, centralizing data and surfacing it within purpose-built pricing software to provide powerful features that basic spreadsheets simply can’t match. Using a cloud-based pricing tool, users can access a wider set of information and easily analyze and filter insights — by practice group, by client, or in comparison with previous matters — to make better informed decisions from a deeper historical foundation.
You can also enable alerts that notify team members to take action triggered by matter-lifecycle milestones, such as when a budget approaches a predetermined threshold or matter details change in ways that are relevant to the client experience.
Unleashing the Power of AI
Managing law firm pricing in the cloud also helps firms leverage AI-based insights. Using AI, firms can evaluate the phase, task and activities of past matters to instruct future legal pricing strategies.
Using AI-powered software, the firm can analyze every matter for a given practice group, providing critical insights into how previous matters were created and worked. The pricing team can then leverage that intelligence to create an effective new matter budget. AI can also quickly identify similar historical matters, apply intelligence against them, and then create a hyperintelligent budget based on those matters — a process that would absorb hours or even days of a law firm pricing team’s time takes just seconds with AI.
With increased competition for new work and more stringent pricing requirements, pricing teams need to remain nimble. Cloud-based law firm pricing software add agility because AI gets smarter each time your team uses the tool. Every time your firm creates new proposals or works on matters, the AI adapts to improve estimates, manage budgets, and monitor matter progress while keeping your team aligned with the latest pricing strategies.
Modernizing Your Pricing Process
It pays to use automation to centralize firm data and simplify the pricing process, make data-driven decisions with stronger analytics, and leverage cloud-based AI to successfully inform future matters. Taking the guesswork out of your legal pricing strategy is the key to maximizing profitability for your firm.
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