Pricing legal services is an ongoing topic with us at Legal Decoder. It’s an issue many more firms are starting to address head on to ensure prices are commensurate with costs and clients won’t feel they are being overcharged.
We put together a case study over at High Performance Counsel (link) detailing pricing insights gathered from our data sets using the Pricing Engine. The Pricing Engine analyzes data and categorizes work elements through the billing narrative and applies UTBMS codes (when applicable). Then, the work elements are assigned to branches and sub-branches in Legal Decoder’s proprietary taxonomy. The result is a bottom-up analysis of work elements that can guide pricing strategies and review past performance.
The case study also shows how data analytics can help with your pricing strategies. As competition increases, pricing (and cost) management WILL be a differentiating factor in maintaining or increasing competitiveness.
***Download a PDF version of the case study here.***
If your firm or company is interested in working with Legal Decoder then contact us here.