There is always risk in a client-law firm relationship. Times are changing. Clients want 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 clients. Consequently 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!
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 in that way. I mentioned “modern times.” Law firms don’t want to hire a fleet of PMs to manage managers or ensure that matters stay within budget & timelines. Law firms don’t have the time to understand every dollar of the matter as a whole. Law firms try to only focus on staying profitable.
9DOTS sees this disconnect, clients & lawyers! It’s April, 9DOTS sprung forward. We are doing spring cleaning and preparing for many more years of profitable growth. 9DOTS currently recognizes a shift in process. Law firms are leveraging technology. Technology optimizes operational efficiency and maximizes profitably. Consequently lawyers easily get access to the information they need in order 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!