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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

Author: Richard Brzakala
Publisher: Ark Group
ISBN: 9781783583966
Published In: June 2020
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

HKD 1,981.70

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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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