ADERANT To Release Matter Planning Product
ADERANT, a global provider of business, financial, and information management software for law and professional services firms, today announced plans to release Expert Matter Planning, a comprehensive application that enables firms to manage the full life cycle of alternative fee arrangements. Matter Planning was developed to address the challenges firms are facing as clients increasingly request non-traditional fee arrangements. The product has been selected for demonstration in the State of the Art Technology Track at ILTA 2010 in Las Vegas on August 23.
Expert Matter Planning enables firms to more easily respond to and manage requests for both standard and alternative fee arrangements. Users can search and collate prior or existing matters and design preconfigured templates to build matter profiles. Matter Planning gives firms the ability to review work performed on prior matters to ascertain the duration, effort, and expertise required for the new engagement. It also brings together hours and roles to produce a fee estimate and a projected P&L so firms can ensure each new matter meets their pre-determined profitability thresholds. The innovative, flexible design handles all types of alternative fee agreements and monitors the matter through the entire life cycle.
“At Sheppard Mullin we understand that in today’s marketplace, a law firm must be flexible and value-driven when pricing client engagements,” stated Kevin Combs, Chief Financial Officer for Sheppard, Mullin, Richter & Hampton LLP. “The ability to mine historical information to develop ‘win win’ arrangements is a wave of the future.”
One key advantage of Expert Matter Planning is its full integration with ADERANT Expert. Integration allows the use of Expert rates, ranks, timekeepers, phases, and tasks all to be shared, ensuring a seamless movement from the matter planning phase into file opening, time recording, and billing. The tight integration with ADERANT Expert also provides streamlined matter inception through cutting edge workflow processes, as well as accurate monitoring of the estimates created in the planning phase against actual time entries and reports on any variances.
“In a recent client technology survey we noticed a clear need for firms to adapt new pricing models to meet the needs of their clients and remain competitive,” said Michael Kohlsdorf, President and Chief Executive Officer for ADERANT. “Expert Matter Planning will give firms an innovative, wizard-like process for planning, executing, and monitoring alternative fee arrangement requests and ensure that firms are meeting their profit targets.”
Expert Matter Planning will be generally available in late 2010 as an integrated component of ADERANT Expert.