Time & Billing Data Analysis

Law firms need to be increasingly more visible and competitive in the marketplace.

Corporations and insurance carriers are under increasing pressure to control and reduce their legal costs, yet there are few if any tools available for law firms to determine how well they are doing compared to their peers.

Law firms face many of the same challenges and demands as other professional industries. They’re finding that many of their traditional “big dollar clients” are moving away from hourly billing towards alternative fee arrangements such as fixed price billings and contingency payments.

The increasing polarization between large national mega-law firms and small boutique firms requires that law firms effectively manage their clients’ cases and be able to show and prove the quality and cost effectiveness of their representation.

How can law firms highlight their overall value when seeking corporate legal and insurance carrier’s business?

SpectoWise has the answer.

SpectoWise can provide law firms with comparative analysis reports to show law firms how they are doing compared to their peers on like cases and fields of business.

SpectoWise can provide contrasting analytical data to law firms enabling them to:

• Properly determine the prospective value of a planned law firm merger or acquisition
• Properly position themselves as merger or acquisition targets
• Properly revalue or reposition an individual legal division within a law firm to increase market share
• Properly price their services under fixed price or hybrid engagement models
• Properly demonstrate the quality and cost effectiveness of their repsrentation for current and prospective clients

For more information on SpectoWise Law Firm Advisory Services, please contact one of our representatives.