Most changes you encounter involve an element of risk. From a financial standpoint, alternative fee arrangements (AFAs) represent a major change and, potentially, a major risk for the legal community.
Minimize that exposure and gain the confidence to develop and manage new and successful pricing models with the LexisNexis® Redwood Analytics® Planning solution. This application allows you to explore a variety of pricing options – standard hourly rates, AFAs and contingency fees, or hybrid approaches of any type – and reach decisions based on objective data instead of guesses and hopes.
Rely on the analytic capabilities of the Planning solution to simplify the entire planning process.
- Pull data from billing systems and use historic performance as a starting template for planning future work.
- Perform side-by-side comparisons of different pricing arrangements at the client, matter or phase and task levels.
- Change variables such as staffing and resources allocated to the plan and determine the likely impacts on pricing and profitability.
- When your "what-if" analysis determines the best approach, save whichever plans you prefer as new template models for upcoming assignments.
- Once plans are implemented, track and report your results. Integration between the Planning module and Redwood Analytics Business Intelligence software allows you to compare plan values versus actual billing system details.
Bringing financial predictability to pricing discussions is an advantage welcomed by firms and clients alike. You can find the right balance between practice profitability and customer value with Redwood Analytics Planning software. Its financial modeling power lets you minimize risks, compete effectively and win business.