Quoting a price for legal services to a client is like playing a piano.
It requires some skill, but more importantly it must sound good. If clients don’t like your quote, maybe it’s because it sounds like you are just beating a drum.
You can’t tell clients the same old story to justify fees anymore. In the modern law practice, a little technology can help adjust your pitch.
3E Matter Pricing
Robert Ambrogi, a legal tech writer and lawyer, says that budgeting legal matters is the “bane of many law firms.” They fear setting prices too high or too low.
In a review on LawSites, Ambrogi describes a new cloud-based product called 3E Matter Pricing. It is a suite of tools for law firms to plan, track, and analyze budget matters.
The program extracts key financial data, such as fee earners, rates and billing information, to help lawyers and legal professionals price different scenarios.
“Thomson Reuters developed the product in order to help law firms address the need to sell their value differently and engage in more-informed discussions around pricing, both internally and with clients,” Ambrogi says. (Disclosure: 3E Matter Pricing is a product of Thomson Reuters, FindLaw’s parent company.)
Elisabet Hardy, vice president of product management and marketing, recently demonstrated the product for Ambrogi. She said it was designed to be lawyer-friendly.
He said it provides tools to help lawyers easily set budgets by matter. It has the ability to recall budgets from past matters and to try out different pricing scenarios.
“Pricing can be done for both hourly and fixed-fee matters, and can be broken down by phases, phases and tasks, and resources,” Ambrogi said.