Pricing technology for law firms is no longer a nice to have. It’s a necessity. Demand for alternative fee arrangements like fixed fees and discounted rates is at an all-time high, meaning law firms need to plan and track their costs more effectively.
A recent BigHand survey revealed only 7% of respondents mandate the use of set budgets for legal matters, and for the majority, error-prone technology like Excel is still being used to create and monitor matter budgets. A trend law firms know needs to change.
To be competitive, law firms need quick, consistent ways to budget work so they can meet client demands for transparency and maintain profitability. Key to this is using a pricing tool that lets you easily adjust resources and rates to create matter budgets that deliver the best pricing for you and your clients.
BigHand Matter Pricing is a matter budgeting, pricing and tracking tool designed for law firms that integrates with your practice management system to access all the essential information you need to manage your matters financially.
Create simple or complex budgets to suit the matter and calculate the key KPIs in real time.
Select different resources and fee arrangements to predict the best possible price and profitability outcome for the work.
Use historical data to make informed decisions on new matter budgets.
Track and monitor live matter progress against the original budget plan, and receive regular update notifications in the system or via email, for more informed conversations with clients.
There’s no need to spend hours with tools like Excel, as producing automated detailed reports that show the financial performance of your matters is quick and easy.
With BigHand Matter Pricing in place, law firms can increase profits through better financial management of alternative fees, reduced budget overruns and fewer write-offs of billable time. Make sure you join the many global law firms that are reaping the benefits of BigHand Pricing. The implementation process is simple, so get in touch today for real-time matter pricing technology and increased profit margins.