BigHand announces new AI-enabled functionality within its Matter Pricing solution by integrating functionality from BigHand Impact Analytics, formerly known as Digitory. This news comes on the anniversary of the acquisition of Digitory, and the AI engine introduced is designed to protect law firms’ profitability.
Digitory, now called BigHand Impact Analytics, helps firms and corporate legal teams uncover the right value metrics and provide a data-driven solution to demonstrate the benefits of legal services through AI-enabled timecard analysis across billing information, DEI data and lawyer resourcing.
Integrating the AI-enabled timecard analysis functionality into Matter Pricing allows users to utilise historic and often misunderstood timecard analytics to automatically inform pricing decisions.
The AI capabilities are designed to convert complex, inconsistent timecard data into reliable pricing insights to identify the true cost, effort, and make-up of a matter.
Matter Pricing is a cloud-based matter budgeting, pricing, and tracking tool designed for law firms to create data-driven budgets, costs, resource plans, and reporting.
The latest development is supported by BigHand’s recent industry research, which indicated only 39% of firms can currently provide time information to their clients at the matter level. With an increased need for cost transparency from clients, and the challenges of decreasing demand, empowering legal professionals with a toolkit that provides precise insights into how matters are tracked against budget will safeguard profitability.
With automatic AI-Enabled Timecard Analysis, firms have dependable data to address client demands for greater transparency, fixed fee arrangements, and budget caps on complex matters with accurate phase and task-level timecard information. The feature uses machine learning to analyse and reencode timecard information to define future pricing strategies.
As clients become more and more cost-conscious, firms need to continuously price accurately; the newest AI-enabled feature allows firms to generate ever-growing clean timecard narratives to inform future resource plans, accurate billing, tracking, and reporting.
Chief Product Officer Rob Stote commented, “As the push for Artificial intelligence reaches the legal market, enhancing BigHand’s current AI capabilities is the natural next step as we continue development to solve client challenges around profitability and transparency. Our latest development to embed the Impact Analytics AI engine into our Matter Pricing solution will enable firms to price more effectively and offer more value to their clients while providing reliable data at the timecard level to inform future pricing strategies.”
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