Editor’s note: Second in a series.
The Litera Foundation knowledge management platform doesn’t just have customers. It has superfans — law firms continually using the system in new ways to enhance client value.
These ground-breaking firms were recently honored in Litera’s inaugural Foundation Innovation Awards, which recognized the creative ways firms are using this powerful tool.
Foundation’s simplicity and adaptability are at the core of these awards, which highlight the endless use cases Foundation customers are putting into practice.
Here, we explore a use case among the finalist firms.
Perkins Coie Implements Data-Driven Forecasting
When working together, two Litera solutions — Foundation Scoping (formerly known as Clocktimizer) and Foundation — can offer critical insights into pricing trends so that firms can increase revenue and profitability while also improving client service.
Before GenAI was a household term, there was Foundation Scoping, which uses natural language processing to identify, categorize and analyze timecard data, providing useful insights for scoping and matter management.
A Perkins Coie team of knowledge management, innovation, and pricing professionals set out to combine data from Foundation Scoping and Foundation to provide better data support to the Emerging Companies & Venture Capital practice.
The team particularly wanted to categorize transaction types using data from Foundation and Foundation Scoping to create a pricing model and identify trends so they could more accurately price and scope matters in the future.
The Perkins Coie team was able to overcome challenges, including estimating the present-day value of historical work experience and ensuring the integrity of the data entered into the system.
Because of these efforts, the firm has a deeper understanding of the key activities by deal type. Now, they are looking to publish a firmwide dashboard that will help their lawyers leverage this data to better align with client needs and efficiency goals.
“By integrating Foundation Scoping and Foundation, Perkins Coie is harnessing the power of data-driven insights to transform how we scope, price, and manage matters for our clients,” says Julio Sanchez, the firm’s Senior Pricing Manager. “Creating robust internal benchmarks enables us to respond to client RFPs more quickly and accurately, expand the number of partners we can support with actionable data, and drive improvements in firm revenue and profitability.”
“This initiative not only enhances our ability to identify key activities and trends by deal type, but also empowers our lawyers to deliver more efficient, client-aligned value-based alternative fee arrangement. We are excited to continue advancing our data strategy to further support our commitment to innovation and exceptional client service.”
With so many unique use-cases for Foundation, it’s no wonder to see why it has such innovators. If you would like to learn more about Foundation and explore how it might help your firm transform your experience, pricing, and other precedent data, connect with the Litera team to request a detailed analysis of your marketing tech-stack!
This and other use cases will form the basis of a business of law eBook this year. You can pre-register for your copy by filling out the form below.
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