Catherine Krow, Managing Director of Diversity and Impact Analytics, BigHand and Jenny Brown, Senior Manager of Strategic Pricing, Husch Blackwell LLP discussed how actionable cost data is changing legal pricing and practice management.

Now more than ever clients need certainty and cost transparency, but we know that legal work is largely uncertain – accurate data gives us the ability to answer questions with a precision that was just not achievable before. Timecard data plays a pivotal role in tracking matter progress and ensuring firms stay on target. With AI-enabled capabilities, firms can convert complex timecard data into reliable pricing insights to identify true cost, effort, and make-up of a matter.

Here are our key takeaways:

• Delivering Cost Transparency: With precise data and scoping the RFP process changes, rather than a vague number or concept, firms can provide precise information and insight that is grounded in data. Actionable cost data enables firms to differentiate their services from their competitors and demonstrate why their pricing strategy has value.

• Managing Changing Scope: Drilling down below the UBTMS task code level to help understand how individual unit costs impact scope changes. Having this technology and the ability to provide accurate and timely adjustments, whether it’s related to time or budget in the scope, drives confidence in the overall management of a matter.

• Evaluating Strategic Pricing Decisions: Upon completion of a matter, actionable cost data will show what went well and where there are opportunities for improvement. BigHand's Matter Pricing technology enabled firms to use their data to evaluate and quantify strategic pricing decisions.

Jenny has over 20 years of experience in law firm accounting, including Strategic Pricing, Partner Compensation, and Financial Reporting and Analysis. While currently managing Strategic Pricing efforts, Jenny and her team also partner with Legal Project Management to develop optimal client service plans.

Jenny leads the annual rate-setting process, participates in developing creative pricing arrangements for clients, and is a consistent participant in client pitches and RFP responses. Prior to her current role, Jenny served as Controller at Welsh & Katz, Ltd. in Chicago.