Womble Bond Dickinson has implemented BigHand Pricing and Profitability to help drive transparency of matter pricing for it’s clients.
The solution is a PMS-integrated matter budgeting, pricing and tracking tool designed for law firms to manage their matters financially. It supports pricing teams and lawyers to achieve better financial outcomes through data-driven budgets and costs, better resource plans, lower write-offs and clear client reporting.
Chris Oddy, Head of Pricing & Commercial Development, Womble Bond Dickinson, explains: “Everyone looks for value for money, but never more so than during a recession or exceptional circumstances such as those we have experienced recently. As a firm, we have a responsibility to both our clients and our staff to make sure that things are as efficient and transparent as possible.”
Womble Bond Dickinson selected BigHand’s Pricing and Profitability tool as the most intuitive and easy-to-use; for its ease of integration with the firm’s other IT systems; and for the strong cultural fit with BigHand.
“BigHand demonstrated a strong collaborative and partnership approach that very much appealed to us,” Chris says. “We knew this would be a tool we would learn a lot from and want to develop; BigHand shared our broader thinking.”
Womble Bond Dickinson now has a number of ‘cradle to grave’ matters that it has managed with BigHand Pricing and Profitability, that have given conclusive evidence of the value of the tool.
“It’s very obvious that the matters we have tracked with BigHand have had better recoveries than those we have not,” Chris says. “We also know that we are making a better margin on some matters that otherwise would not have been economic for us as a business; using the insight from BigHand, we’ve been able to change the delivery model to make these matters viable, while ensuring client satisfaction. Ultimately, BigHand allows us to have better conversations with clients.”