Find out how Foley & Lardner has improved matter management with BigHand Matter Pricing.
Read the full case study to find out how Foley & Lardner is achieving better financial outcomes with BigHand Matter Pricing.
Foley and Lardner are an international law firm that prides itself on providing excellent client service. However, with increased pressure from clients for price transparency, and better matter budget management, the firm needed a matter budgeting, pricing and tracking tool to help support their pricing teams and to achieve better financial outcomes through data-driven budgets with clear client reporting.
The law firms successfully onboarded BigHand matter pricing to meet client expectations with improved matter management. The solution which is integrated with Thomson Reuters 3E was implemented as a replacement for the previous in-house system to provide access to timely and comprehensive insight on legal transactions.
Jon Lindrus, Director of practice and pricing analytics at Foley explains, "Providing outstanding client service and value is a key part of Foley's proposition. We aim to challenge the traditional law firm standards of opaque pricing and give our clients transparency over matter budgets. Law firms often talk about offering more transparency and value-based pricing, but rarely have the technology in place to make it a reality."
Jon continues, "The majority of our partner's work requires a budget, and so having visibility of legal spend is imperative. For us, the technology is about providing the partners with an effective way to track and manage their matter budgets and make more informed decisions as a result. It's clearer for example, when to use different resources on a matter or when to notify the client of budget spend. Users can now see the overall financial performance of a matter, but can also drill down into the timekeeper records to see which resources have been utilized. The added visibility helps to keep the partners accountable for the work."
Jon concludes, "For law firms to succeed in the current climate using specialized matter management technology like BigHand to monitor budgets and better predict matter pricing is key to providing transparency for clients."