UK top 30 law firm Withers is implementing BigHand Pricing and Profitability as part of what it describes as a wider initiative to drive front and back-office efficiency across the firm.
Nigel Laws, head of pricing at Withers, who joined from Allen & Overy in June 2020, said: “As a firm, we pride ourselves on delivering outstanding service to our clients. With BigHand Pricing and Profitability in place we have a data-informed tool which enables us to agree fair prices with our clients which work from both their perspective and ours. The fee-tracking and reporting capability really helps communication with the client, both in the initial stages and throughout the engagement.”
BigHand Pricing and Profitability is a PMS-integrated matter budgeting, pricing and tracking tool designed for law firms to manage their matters financially. The solution supports pricing teams and lawyers to achieve better financial outcomes through data-driven budgets and costs, better resource plans, lower write-offs and clear client reporting.
Other UK customers include Womble Bond Dickinson, which announced this year that it has implemented and seen better recoveries and margins from the tool that used to be called Evaluate, stemming from DW Evaluate, which BigHand acquired in 2018. In the United States, Am Law 200 law firm Stoel Rives announced in June that it has selected BigHand Pricing and Profitability, with Cecy Graf, chief financial officer at Stoel Rives, commenting: “Providing client value is the external driver we are always striving towards, but without the internal KPIs to measure ourselves and ensure that we’re making the most effective use of our time and resources, it’s very difficult to quantify success – and hence a challenge to relay that to our clients.”