BigHand Matter Pricing

The BigHand Matter Pricing tool is an AI-enabled solution designed to enhance matter budgeting, pricing, and tracking for law firms. According to the vendor, this platform offers intuitive features that aim to streamline financial management for law firms of all sizes. It caters to legal professionals, law firms, legal departments, legal finance teams, and pricing teams, providing them with tools to optimize matter pricing and improve profitability.

Key Features

Budgeting and Tracking: According to the vendor, this tool provides an intuitive user interface that combines budgeting and real-time tracking in a single environment. It aims to help law firms set and monitor budgets, offering a centralized platform for effective financial management of matters.

Cost/Profitability Projections: The vendor claims that users can explore different pricing scenarios and adjust resources and rates in 'what-if' scenario planning to deliver optimal pricing for clients. This feature aims to project the cost and profitability of matters, enabling informed decisions about resource allocation and pricing strategies.

Automated Billing and Cost Loading: The vendor states that this tool automates billing and cost loading, aiming to eliminate guesswork when pricing a matter. It streamlines the process of calculating costs and billing clients, with the goal of improving accuracy and efficiency in matter pricing while reducing manual errors.

User Created Templates: According to the vendor, law firms can create custom templates to cater to unique client demands, providing flexibility in matter pricing. These templates aim to enable quick generation of pricing structures, ensuring efficient and consistent matter pricing across different clients and matters.

Historic Matter Import: The vendor claims that users can import past matters to create more accurate budgets. This feature aims to provide a deep pool of historical matters to choose from when cloning based on past matters, helping in better budgeting by analyzing past matters for patterns and trends.

Role-Based Access: According to the vendor, this tool configures access permissions based on user roles, ensuring data security and confidentiality. It aims to control user access to specific features and information, maintaining data integrity and privacy by allowing users to see only what is relevant to their role in the organization.

Matter Tracker: The vendor states that this feature provides complete analysis on matter and timekeeper performance. It aims to enable tracking of the progress and performance of matters, providing insights into matter profitability and efficiency to drive better decision-making.

Automated Alerts: According to the vendor, users receive notifications to stay on budget and informed for clients. This feature aims to alert users when a matter exceeds the budget or when there are significant cost variations, enabling proactive budget management and cost control.

Group Performance Reports: The vendor claims that this tool allows users to see how a group of matter budgets are performing. It aims to provide aggregated performance reports for multiple matters, helping in analyzing the overall financial performance of a group of matters and identifying trends and patterns for better financial decision-making.

Budget Version: According to the vendor, users can track the evolution of a matter budget over time. This feature captures changes made to a budget from its initial version to the final version, facilitating a better understanding of budget variations and enabling the review and comparison of different budget versions for improved analysis.