There is always risk in a client-law firm relationship. Times are changing, and clients wants the risk that comes down to paying their lawyer to fall on the law firm in order to protect themselves from law firms passing operational inefficiencies onto their clients, showering them with unnecessary cost in their bills. The client doesn’t want to pay more money because their lawyer is mismanaging time and resources. With tons of new technology, businesses booming & constant advancements, clients want lawyers to be more modern too!
This presents its own challenges for lawyers and law firms alike. Firms now need the ability to predict costs and determine the right level of staffing to create profitable outcomes all while having to deliver world class services.
In today’s world, lawyers are not used to planning at this detailed of a level for each matter they’re managing. They are not project managers and lack experience and skill to manage matters at this much detail. We were just talking about “modern times.” To accomplish this, law firms don’t want to hire a fleet of PMs to come in and manage managers or ensure that matters stay within budget & timelines. Law firms don’t have the time to understand every dollar * cent of the matter as a whole and only focus on staying profitable.
9DOTS sees this disconnect, and we hear you, clients & lawyers! It’s April, we sprung forward, we are doing spring cleaning, we are preparing for many more years of profitable growth. We are currently seeing a shift in process. Law firms are leveraging technology to optimize operational efficiency, maximize profitably and allow lawyers to easily get access to the information they need to bid an Alternate Fee Arrangement (AFA).
When bidding AFAs there are several factors that must be taken into account: duration, efficiency, the level of personnel required, historical matter data, who did work, how much did it cost the firm, how much was realized, etc. Traditional bids took none of this information into account!
Giving the workforce a simplistic web-based Matter Pricing Wizard/Tool for them to input basic information regarding a new matter, plan resources at a high level, and do comparatives to similar past matters will instantly give them the information needed to guarantee a profitable bid for their firm.
Law firms that leverage technology and business intelligence will be considered the leaders in this space and ensure AFA success for them and their firms. Keep up with the times, spring forward even after spring, and contact 9DOTS today for more information!