"Perkins Coie Implements Data-Driven Forecasting When working together, two Litera solutions - Foundation Scoping (formerly known as Clocktimizer) and Foundation - can offer critical insights into pricing trends so that firms can increase revenue and profitability while also improving client service. Before GenAI was a household term, there was Foundation Scoping, which uses natural language processing to identify, categorize and analyze timecard data, providing useful insights for scoping and matter management."
"A Perkins Coie team of knowledge management, innovation, and pricing professionals set out to combine data from Foundation Scoping and Foundation to provide better data support to the Emerging Companies & Venture Capital practice. The team particularly wanted to categorize transaction types using data from Foundation and Foundation Scoping to create a pricing model and identify trends so they could more accurately price and scope matters in the future."
"The Perkins Coie team was able to overcome challenges, including estimating the present-day value of historical work experience and ensuring the integrity of the data entered into the system. Because of these efforts, the firm has a deeper understanding of the key activities by deal type. Now, they are looking to publish a firmwide dashboard that will help their lawyers leverage this data to better align with cl"
Litera Foundation knowledge management platform has law firm superfans who use the system creatively to enhance client value. The Foundation Innovation Awards recognize firms using Foundation's simplicity and adaptability across applications. Perkins Coie combined Foundation Scoping (formerly Clocktimizer) and Foundation to gain pricing and matter-management insights. Foundation Scoping uses natural language processing to analyze timecard data for scoping and categorization. Perkins Coie's knowledge management, innovation, and pricing teams merged data to support the Emerging Companies & Venture Capital practice, categorize transaction types, and build a pricing model to identify trends. The team addressed valuing historical work and data integrity, achieved deeper activity-level understanding by deal type, and plans a firmwide dashboard to help lawyers leverage data to better align with clients.
Read at Above the Law
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