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Show Me The Math: The importance of cost estimates when engaging a law firm

Show Me The Math: The importance of cost estimates when engaging a law firm

  • 作者:
  • 出版商: Ark Group
  • ISBN: 9781783583966
  • 出版时间 June 2020
  • 规格: Paperback
  • 适应领域: U.K. ? 免责申明:
    Countri(es) stated herein are used as reference only
S$336.77
发货时间:大约 4-5 weeks
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  • 描述 
  • 大纲 
  • 详细

    Show me the math is the first book of its kind entirely dedicated to understanding all of the strategic benefits, importance, and the value of cost estimates for corporate clients as well as law firms. Leveraging a 20-year career in corporate legal operations, Richard Brzakala reviews a plethora of topics on cost estimates and presents an in-depth analysis of the cost estimate framework and what clients (and firms) see as the most valuable components of a cost estimate strategy. The book also tackles operational and implementation topics, the dos and don'ts of successful implementation, and a special focus on overcoming challenges and meeting client expectations. This is a comprehensive insider's view of what corporate clients expect from their panel firms and a playbook on how cost estimates can improve a firm’s market competitiveness in an increasingly homogenized and challenging legal marketplace.

    Drawing on nearly two decades of legal operations experience, servicing multiple clients and hundreds of law firms in dozens of countries, Richard has compiled his observations on how cost estimates can benefit corporate clients, legal professionals, finance and marketing experts, law students, alternative legal providers, and procurement and pricing specialists, and assist them in managing their matters, costs, and overall relationships.

  • Chapter one: The benefits of cost estimates
    Background
    The increased popularity of cost estimates
    What do clients look for in a cost estimate?
    What don’t clients want to see in a cost estimate?
    How clients are empowered by cost estimates
    The benefits of cost estimates to a law firm
    Chapter two: The mechanics of cost estimates
    The continued utilization of the hourly rate billing model
    Cost estimates based on task-based billing models
    Utilizing dollar ranges in cost estimate proposals
    Buyer beware – stay away from commercial (street) rates in cost estimates
    Leveraging historical data and work
    Highlighting cost savings and efficiency in a cost estimate
    The importance of understanding variances and assumptions
    Calculating the variance cushion
    Leveraging law firm resources to develop cost estimates
    Calculating the staffing utilization ratio
    Challenging the traditional legal model
    Monitoring staff utilization ratio in cost estimates
    Measuring and monitoring work in progress (WIP) ratio
    The impact of changing resources on a cost estimate
    The benefits of using Alternative Fee Arrangements in a cost estimate
    Third party vendor costs
    How to treat disbursements in a cost estimate
    The importance of a communication strategy
    The criticality of properly defining and understanding scope
    The importance of communication during the cost estimate process
    Defining scope
    The law firm’s responsibility in defining scope
    The unpredictability of “scope creep” and accounting for variances
    Dealing with cost estimate overages
    The blame game – dealing with law firm fault bias
    Avoiding cost overages that impact a cost estimate
    How law firms should communicate overages to clients
    Dealing with multiple clients and instruction points on a cost
    estimate
    Chapter three: Operational challenges
    Operationalizing a successful cost estimate strategy
    Case study – US insurance company
    Working through differences on a cost estimate
    Educating lawyers on the business of law
    Leveraging Legal Operation (Legal Ops) specialists
    Why do in-house counsel fail at cost estimates?
    Top ten list – what law firms dislike most about cost estimates
    The resistance to utilize cost estimates
    Beware of law firm caveats and disclaimers
    Chapter four: Value and cost estimates
    How does value factor into a cost estimate?
    Measuring value using Value Indicators
    Value Indicators
    Law firm Value Indicator calculator
    What happens in the absence of value?
    Law firms need to stand their ground – clients are not always right
    Unlocking the value of cost estimates
    What type of insight or strategic advantage can cost estimate data give clients?
    How clients track the success of a cost estimate
    Tracking the success of cost estimates
    How firms should leverage cost estimate data for the benefit of their clients
    How can a firm win work on the basis of a cost estimate?
    When are cost estimates a waste of time and not necessary?
    Who cares about the math, show me the value!
    Is there any room for an “instinctive approach” on a cost estimate?
    Chapter five: Other considerations
    How third party pass through hourly rates impact a cost estimate
    Treating cost estimates like a request for proposal (RFP) bid
    The importance of trust in cost estimates
    Challenging a law firm’s cost estimate
    How to get a firm to reduce its cost estimate
    What to do when a cost estimate fails
    Billing for a cost estimate
    What is the future for cost estimates?

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