Pricing and Profitability Insights from Working with the Global Top 100 (Clocktimizer)

Track: Pricing & Profitability

Session Number: 2174
Date: Thu, Jun 13th, 2019
Time: 1:15 PM - 1:40 PM

Description:

To make good decisions you need data. Unfortunately, at this moment, many law firms struggle to use data to support their pricing decisions; to keep track of the projects they run; and to understand their customers better. Clocktimizer is unique in using natural language processing to read narratives and classify them on the basis of activities. By combining this with the categorization of matters using firm defined taxonomy, Clocktimizer offers the most accurate picture of what is happening in your firm. We work with over 20% of the Global Top 100 to support them in making better pricing choices, improving their client relationships and streamline their processes for increased profitability.
Learn the ways in which leading firms are leveraging our tools for fee arrangements, to manage budgets and get data insights. Join Clocktimizer's interactive session and get practical advice on how to increase your firm's competitive edge.
Session Type: Service Provider Demo

Learning Objectives: Learn how to build and tailor fee quotes based in historical data using our nearest neighbor algorithm.
Learning Objective 2: Build and manage budgets in real time, including setting bespoke notifications for out of scope work to ensure matters stay within budget.
Learning Objective 3: Gain client insights for cross selling purposes. Additionally attendees will be able to identify (and test) profitability and efficiency measures on the matter, client and practice group level to improve overall firm performance.
Body of Knowledge (BOK) Domain: Business of Law
Content Level: Essential
Session Type: Service Provider Demo

Learning Objectives: Learn how to build and tailor fee quotes based in historical data using our nearest neighbor algorithm.
Learning Objective 2: Build and manage budgets in real time, including setting bespoke notifications for out of scope work to ensure matters stay within budget.
Learning Objective 3: Gain client insights for cross selling purposes. Additionally attendees will be able to identify (and test) profitability and efficiency measures on the matter, client and practice group level to improve overall firm performance.
Body of Knowledge (BOK) Domain: Business of Law
Content Level: Essential