Login | June 18, 2019

Virtual fee pricing coming soon

Technology for Lawyers

Published: December 21, 2018

One thing about the internet and legal fees—access to more information gives potential clients the ability to search out cheaper legal services and intelligently negotiate fees. Problem being for attorneys is it is difficult to know what the competition is doing, so it can be hard to do these negotiations in what is essentially a vacuum.

Well, legal pricing experts are combining with legal AI types to roll out a product that can create the right pricing for the firm and client.

It is called Virtual Pricing Director (https://www.virtualpricingdirector.com), scheduled to come on the market some time in the first quarter of 2019.

First of all, and my first question, is pricing, because this sounds like a product only for large firms. Not so, says the company. The product is modular, so the attorney only pays for what is needed. It is in the cloud, so no new hardware or installation costs are generated.

What will it do? Create a completely transparent pricing for every project, specifically designed by lawyers for lawyers. The product “looks” at a project and creates the best pricing scheme—well beyond the “show me a spreadsheet” approach. And it does so in a fraction of the time that current methods of creating pricing proposals do.

Features will include templates where users will select the practice areas, tasks, rates and clauses for a matter. From there, the tool generates a matter’s budget based on the previous templates selected and provides a breakdown of expected spending. It can then be compared to the client’s expected budget, where adjustments can be made. Then it generates a price in a completely transparent report that explains how the number was calculated to the client.

As the case progresses, the program generates real-time reports to see if the costs are matching the projections.

The product is the result of a collaboration Validatum-- leading experts in client billing, and the legal AI company Neota Logic.

Virtual Pricing Director is coming onto the market as user friendly out of the box—the whole “by lawyers for lawyers” thing. Check out the website for a free demo.