BigHand today (21 August) announces new AI-enabled functionality within its matter pricing solution by integrating functionality from BigHand Impact Analytics, formerly known as Digitory Legal, which BigHand acquired a year ago.
BigHand was in partnership with Digitory before the acquisition and the plan has long been to integrate its cost analytics capability within BigHand’s solutions. Impact Analytics helps law firms and in-house legal departments better leverage their timecard data through AI-enabled timecard analytics. Integrating that functionality into Matter Pricing – a cloud-based matter budgeting, pricing, and tracking tool – allows users to utilize historic data to automatically inform pricing decisions.
Chief product officer, Rob Stote said: “As the push for artificial intelligence reaches the legal market, enhancing BigHand’s current AI capabilities is the natural next step as we continue development to solve client challenges around profitability and transparency. Our latest development to embed the Impact Analytics AI engine into our Matter Pricing solution will enable firms to price more effectively, offer more value to their clients while providing reliable data at the timecard level to inform future pricing strategies.”