Pricing matters and engagements accurately and profitably poses a challenge to many firms. However, developing effective pricing strategies has become more important than ever, as clients demand more transparency and alternative fee arrangements become more popular.
Technology can help law firms develop both tactical and strategic approaches to pricing.
Download this ebook from Intapp, a leading provider of business applications for professional services firms, to learn how an AI-enabled approach to pricing can help your firm:
• Price matters more accurately and profitably
• Scope and resource matters to ensure better margins
• Monitor engagements as they proceed and track budget to actuals
• Improve client relationships with more transparency, accountability, and success
Five global legal trends are testing the limits of even the best new business acceptance models. In this ebook, you’ll explore their effects, learn best practices on how to adapt to them, and evaluate your current processes with an assessment checklist.
Intapp Time provides superior business intelligence thatchangesyour firm’sfundamental relationship with time.Thisunified suite of applications gives timekeepers access to time data and capture wherever they are: in the office, on a mobile device, online and offline.It is user-centric, offering a completely automated option while fullysupporting hands-on tracking—contemporaneous or reconstructionist.Intapp Time helps your business mine time data to reveal new sources of revenue, inform staff decisions, increase project efficiency, and reduce time leakage.
The legal industry is well past the days when scrawled notes in a day planner constituted time recording. The business of law has changed, requiring that time entries comply with client requirements and firm objectives. We believe the path forward is a new concept that we call “compliant time”: a way to streamline timekeeping and improve time-capture accuracy while also ensuring adherence to OCGs.This ebook explores the gaps and inefficiencies in the current stateat most law firms and shows how compliant time can help resolve these issues. Insights into how current processes impact and inhibit internal law firm stakeholder objectives reveal why firms simply must find new approaches. Declining realization rates, competitive market forces, and lawyer attraction/retention challenges are all factors that point to a need for change in time and billing technology.
In what ways can your firm distinguish itself from competitorsto land new clients? Leaders at the firm could likely provide a snapshot but may not have formally articulated these qualities or implemented astrategy built around them. Firms that successfully claim their place in the market do so by considering what clients need and value. And they help business development fill its critical role by freeingcapacity—a long-standing, though not insurmountable, challenge.This ebook provides concrete tips on how you can differentiate your firm to drive growth and promote client success.
New researchconducted by Intapp found that, while Mid Law firms attest that data-driven strategies are highly important in all areas of the client lifecycle, a significant gap exists as to how or whether they are currently deploying enabling technologies such as intelligent automation. Read the ebook to discover the full breadth of this gap, and learn best practices for how you can use technology to drive growth in the client-empowered era.
The Cornerstone of Financial Control
Time equals money. Time plus data equals control.
All professionals, whether in management, consulting,
engineering, or accounting, must be confident that their
value is reflected in their bottom line. One of the primary
factors driving that compensation is the amount of time
spent on a particular subject or client. But too often front
line earners at those firms don’t provide the clean, data-rich
timesheets needed to accurately gauge the effort required
by each project.
How many hours did your professionals spend on this client, on
that project, on those tasks?
Those are the cornerstone metrics of Old Time. They answered
the question, “how much should we bill?” This is still a valuable
query, but in this new world in which data is pored over and mined
for every bit of its value, it is only one of many questions that firms
must ask of its time data.
Are our professionals working efficiently? Are we pricing future
contracts competitively? Are our projects on budget? Did we miss
billable hours? Are our professionals spending too many hours
tracking their time?
Intapp Time provides the superior business intelligence with
which to answer these questions and change your firm’s
fundamental relationship with Time.
In our technology-enabled era, most law firms have moved away from
manual processes to embrace electronic timekeeping. However, many
continue to struggle with time entry accuracy and bill rejections related to
noncompliance with outside counsel guidelines (OCGs). All stakeholders—
finance, operations, lawyers, and clients—want to solve this problem; not
only does it result in inefficiencies of process and reduced realization due to
write-offs, but it also impacts client goodwill. Firms know something needs
to change, but so far, they haven’t found the answer. In short, they have
arrived at a crossroads.
This ebook explores the gaps and inefficiencies in the current state. Insights into how current