Early Diagnosis: Leveraging Prescriptive Analytics and LPM as an Rx to Curb Revenue Leakage
Track: Project Management
While most firms now fully recognize the value of pricing and legal project management (“LPM”), few can scale these functions to the point where each and every client matter receives equal care and attention – nor should they. Most do their best to triage the level of support deployed on new engagements. High touch engagements may involve those where fees are estimated above a certain threshold. This ensures proper allocation of resources and an appropriate return on investment. Yet, no matter how rigorous or well thought out systems may be, things invariably slip through the cracks. What happens when the scope of what was originally submitted as a small matter changes? How many potential runaway matters does your firm have lurking in the background? Without systems in place to accurately predict risk and then actively monitor ongoing work to identify candidates for earlier intervention, much of a firm’s efforts around pricing and LPM may be squandered.