Forward-thinking, international firm Withers is enhancing its matter pricing and fee tracking capability aided by BigHand Pricing and Profitability.
The technology implementation is part of a bigger initiative to drive front and back-office efficiency and implement solutions which benefit both the firm and its clients.
Nigel Laws, Head of Pricing at Withers, comments: “As a firm, we pride ourselves on delivering outstanding service to our clients. With BigHand Pricing and Profitability in place we have a data-informed tool which enables us to agree fair prices with our clients which work from both their perspective and ours. The fee-tracking and reporting capability really helps communication with the client, both in the initial stages and throughout the engagement.”
BigHand Pricing and Profitability is a PMS-integrated matter budgeting, pricing and tracking tool designed for law firms to manage their matters financially. The solution 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.
According to BigHand’s latest survey findings, firms like Withers are truly ahead of the curve in empowering lawyers to build commercial acumen through financial visibility. The report, which included findings from 800 senior legal professionals, found that although Partners are held responsible for profitability in 82% of firms – they are only notified in real-time about budget overruns for just 37% of matters.
By encouraging lawyers to be commercially savvy at a time when competition for new business, market share and talent retention is at an all-time high, Withers’ approach will ensure future success for the firm, by meeting client and lawyer expectations.