By Legal Futures Associate BigHand
Matter Pricing is now available in the cloud and on-premise. With cloud, firms can support remote work and reduce software upkeep costs. Users can access the tool anytime, anywhere, and get frequent access to the latest features and updates.
The latest development is supported by BigHand’s recent industry research, which revealed 36% of firms are planning to move to a cloud-based budgeting tool over the next 12 to 24 months. Faced with a looming global recession, firms are adapting to flexible technologies to support remote work and offset maintenance costs.
Matter Pricing is a PMS-integrated matter budgeting, pricing, and tracking tool designed for law firms to create data-driven budgets, costs, resource plans, and reporting.
As economic uncertainty accelerates, clients expect flexible pricing options, in-depth communication, and cost certainty. The newly added feature, Portfolio Pricing, facilitates cost transparency with clients. Pricing teams can now group relevant matters to track budget across the entire body of legal work.
Firms can clearly communicate to clients how their matters are progressing with updated reporting and tracking features. Lawyers can provide clients with comprehensive reports that include metrics such as pricing KPIs, and detailed overviews of matters and phases.
Rob Stote, Managing Director for BigHand’s Financial Profitability Products commented, “Firms are facing pressure trying to balance profitability and client satisfaction. As clients become increasingly price sensitive, law firms will need to adapt to maintain profitability.”
“The version of our legal pricing software addresses these challenges with enhancements designed for firms to deliver higher value to their clients. We are excited for our customers to take advantage of the new enhancements and features with Matter Pricing 3.0 being available on both on-premise and in the cloud.”