LawVision Pricing Analytics with Clocktimizer
The Modern Law Firm Pricing Challenge
Firms increasingly require a more precise understanding of their matter costs to price and predict budgets competitively. The industry is steadily moving from pricing by the hour to deploying creative fee structures. Better budgeting and new pricing tactics require improved processes, data, tools, and the know-how to engage your lawyers throughout the process.
But deploying data-driven pricing processes encounter many challenges like:
- Incomplete and inaccurate data
- Lack of standard taxonomies and classification schemes
- Need to classify matters differently by client
- Limited pricing and project management resources available to the firm
- Insufficient data science expertise which hinders your progress
- Making it easy for lawyers to understand strategic pricing ideas
As a result, LawVision has developed pricing analytics services to address the challenges above to help you deliver timely impactful results for pricing analytics. This service joins Clocktimizer software with our pricing and data science expertise in one package.
LawVision Data Science and Pricing Services with Clocktimizer® Software
The process starts by understanding your strategic pricing goals, your current capabilities, and pricing strategies. We conduct upfront need assessments and help you determine your position along our pricing and profitability maturity curves.
We review your taxonomy, study Clocktimizer activities, and auto-map them into the Clocktimizer framework, and your firm’s preferred taxonomy. Our auto-map process uses data scientists, Python scripting, and visualization techniques to help you understand gaps in your current process. The service includes coding analytics, a process that explores your narrative drafting and coding effectiveness. It also compares manually coded matters to those auto-classified. We assess your narrative quality and make recommendations.
Perhaps most importantly, the analytics yield insights and recommendations about fee estimates, budget ranges, rates and matter staffing, and risks associated with relevant matter characteristics and your historical results. It illuminates with specificity the steps to take to improve your pricing process. And critically, we assist you in engaging lawyers in the process to maximize their value and benefit.
We partner with Clocktimizer when providing pricing analytics services because their platform helps law firms to understand “who does what, when, where and at what cost.” We can then provide insights and recommendations for law firms that allow firms to make data-driven decisions around budgeting, pricing, and resourcing. We speed up time-to-value with your deployment.
The overall process is presented below in the process table: