Transforming Legal Data Management: Perkins Coie’s Success with Litera Foundation and Foundation Scoping
The Challenge
Pricing professionals in the legal industry need access to historical data to make informed decisions. At Perkins Coie, data was previously stored in separate silos with no standardized data collection format, which posed a significant challenge.
"We needed to narrow down data in the firm into deal sizes, industry types, key items, etc., dissecting it and regrouping it based on those categories," said Julio Sanchez, Senior Pricing Manager at Perkins Coie.
Before implementing Litera Foundation, the firm's data input and collection operated in isolated environments, with each team having its own matter numbers and names. This made searches difficult, as it required translating the data before manipulation. The use of different sources without a solid framework led to time-intensive exercises, and various practice groups maintained their own individual tables and sources.
The Solution
The key objectives were to examine historical data through Foundation and then dive deeper using Foundation Scoping. Foundation provided the ability to narrow down the sample size needed. It helped break down the data into required sample sizes, and regrouping it based on required categories, then using Foundation Scoping to overlay that data with activity information.
Rather than taking months to complete, the use of Foundation allowed the process to be done within a month. Foundation standardized the data more effectively, enabling a deeper dive into historical data. It helped narrow down the sample size to ensure only the necessary information was included. Foundation provided the needed insights and created additional categorization to make sorting through the data easier with just a click of a button.
The Result
The use of Foundation and Foundation Scoping enhanced collaboration between different groups at the firm, from the Marketing team to the Attorneys. It reduced the need to search for data in different places, as everything was consolidated.
With Foundation and Foundation Scoping, Perkins Coie achieved:
- Increased Speed and Efficiency: The use of Foundation in parallel with Foundation Scoping allowed Perkins Coie to model price ranges for different transaction types swiftly, which the firm could then use in pitches
- Improved Profitability: By leveraging the insights gained from the combined data, Perkins Coie was able to influence profitability while maintaining a competitive edge in the market
- Standardized Data Collection: Foundation captured essential deal terms such as deal size and industry, which, when combined with Foundation Scoping data, provided a comprehensive view of key activities by deal type
- Enhanced Profitability Metrics and Price Benchmarking: Despite challenges with historical data integrity, rate validation, and estimating the present value of prior experience, the Pricing team successfully highlighted profitability metrics and price benchmarking recommendations
Ultimately, Perkins Coie achieved a successful outcome by:
- Highlighting effective price points for different deal types
- Recalibrating the value perception of partners
- Improving profitability and maximizing revenue
- Driving competitive pricing for strong market positioning
According to Julio Sanchez, "Foundation Scoping has been relied on heavily by pricing professionals in the firm, and we are the ones who can find the solutions and navigate the solution faster."
Ready to Transform How Your Firm Manages Experience Data?
Schedule a demo with Litera today and see how it can revolutionize your business development strategy.
