Summary
An introduction to our software that centralizes project knowledge, facilitates upfront conversations, incorporates value-based considerations, and enables consistent communication with clients for systematic and optimized project scoping, pricing, and engagement.
Key Takeaway from this Video
- Centralized Knowledge and Accurate Scoping: The software facilitates upfront conversations and consolidates project knowledge, ensuring systematic and accurate project scoping and pricing.
- Value-Based Considerations: The pricing process incorporates value-based factors, allowing for adjustments based on urgency, client preferences, and other relevant considerations.
- Streamlined Communication: The software enables consistent and efficient communication with clients by seamlessly integrating project descriptions into engagement letters, emails, and invoices.
Transcript
0:00 Hi, Scott Lee CEO of AltFee here.
0:02 I'm just going to give you a quick overview of some of the high level functionality of our software.
0:07 I'm going to jump into one of these project types as an example and what we're going to look at here, this is going to be what we call our guidelines.
0:14 So this is the centralized source of all of the knowledge that we have within our firm tied to this specific project.
0:20 So you can see the form that it takes.
0:22 We have a base fee attached to this project and we have various factors and all these factors are really the things that are creating complex and scope when we go about facilitating that really good upfront conversation with our clients, so we can use this like a checklist of sorts so that we do a great job of understanding what are we getting ourselves into and correlating to that
0:41 What are the dollar amounts that we want to charge for each of these elements that do create complexity in the work that we're doing.
0:47 And ultimately, what we want to do is make sure that this is our spot for all of our learnings to come back to.
0:51 And so it doesn't only need to be senior partner, partner type person that's has the experience to be successful with scoping and pricing this type of work.
1:01 What we want to provide the rest of our team with is the tool that's going to allow them to be successful and confident in going about doing that.
1:07 Part of that is ensuring that this is kept up to date with the learnings that we're having.
1:10 But we also can tap into other things like our analytics so that we can provide ourselves with all of the tools that we're going to need to make sure that when we go and take this guideline and let's say price a project out here, we're gonna be able to use that guideline that our law firms give a thumbs up to, that the firm has iterated on to make sure that we're considering all of those things that are the really important things during our upfront conversation.
1:34 And what this allows you and your firm to do is ultimately over time, transition some of that responsibility to whatever degree that you want during the intake and prospecting process to ensure that whoever the right person is to lead this, they can take the first cut at identifying scope and performing some of the other analysis that's necessary and then you can incorporate some of the collaboration.
1:57 So over here, I can go and then add the experienced person in or vice versa to ensure that we're collaborating asynchronously to the degree that's necessary to make sure that as an organization, we're optimizing the scoping and pricing of this work.
2:11 And so the workflow is you have your guidelines to store all of that knowledge.
2:15 We then take this, we're doing corporate work for this particular client.
2:19 We have the ability to add multiple projects underneath this umbrella corporate matter.
2:23 So let's say, in addition to drafting a shareholder agreement, we're also going to incorporate a company, we can come over here, add that project in.
2:30 So this starts to work really well for more complex work with multiple projects, but also for stage based transactional work as well.
2:37 And so you can see we can then go through this process of scoping and identifying the relevant portions for each of those projects.
2:44 So stage one of the analysis is scoping, doing a great job of scoping, making sure that we're doing the best job that we can to be accurate upfront with that.
2:52 The second piece of the analysis is then considering value, what are those things that we look at outside of just scoping the project that may affect what we're willing to charge and how much our clients value.
3:02 So you can see here are some common examples like let's say the amount of urgency behind the project you can include defaults here that your firm and anyone in your firm takes as part of their analysis every single time, you can also tap into other ones in your firm that you've identified as potentially relevant and you're able to add those in and determine what makes the most sense there and assign a percentage, effect on the price from there.
3:25 And so what we can see if we hover over here is that we've established what the base fee is.
3:29 We've established how much the factors add to the complexity and therefore scope of the project and then how much have those value based modifiers ultimately impacted the price that we're willing to put forward in front of the client.
3:40 And so the third step to this is ultimately communicating this back to the customers.
3:44 So we've done a good job of scoping.
3:46 We've done a good job of considering value.
3:47 Now, what is that language that we want to take from here and incorporate on the front end into our engagement letter or retainer or email proposal that we're putting in front of them?
3:56 And then on the back end, what is that language that we want to put into the ultimately our invoices as well to create that consistent messaging in our approach.
4:04 So we can grab at those things and then what we're able to do is go take it and it's gonna break your work down by the individual projects that you're doing and those descriptions that you've determined are applicable and it's gonna allow you to take that and, put that into the existing work flows, whether that's in your engagement letter, email or otherwise.
4:22 and that format will carry forward in that regard.
4:24 And so overall, what you're enabled to do is take a systematic and consistent approach, firm wide to how do we analyze specific project types.
4:35 What are those complicating factors that are really common for this?
4:38 Let's use that to facilitate good upfront conversation.
4:41 Then let's systematically and consistently apply any value based considerations and then in a similar vein, let's let's create that consistency and how we ultimately communicate this back to the client both on the front end before we get started in an engagement letter and also on the back end into our invoices at the end of the day.