Thomson Reuters Elite Launches 3E Matter Pricing for Budgeting and Pricing Matters

Global News

20
Jun
2018

Editor

Thomson Reuters Elite announced the release of 3E® Matter Pricing, a new suite of tools to help firms accurately budget, confidently plan, and closely monitor matter financials.

Seamlessly integrated with 3E, the leading enterprise business management system for law firms, 3E Matter Pricing provides firms with valuable insights to enable matter pricing and budgeting while increasing profitability and revenue. 3E Matter Pricing is a key component of the business’s future vision and product roadmap, connecting the practice and business of law.  

“The true billable hour is a thing of the past. Clients want predictability and that requires law firms to understand like never before how much it will cost to take on a new matter for them to win the business and still remain profitable. It is essential for firms to bridge this information gap with rich firm data and metrics so they can apply accurate models,” said Eric Ruud, managing director, Thomson Reuters Elite. “3E Matter Pricing is an easily adoptable and sophisticated technology solution for law firms, and the first step in supporting front-to-back, practice and business of law demands.”

Matter Pricing extracts relevant financial data such as fee earners, rates, and billing information, allowing lawyers and pricing professionals to price different scenarios and manage matter financials. Matter-level metrics – including revenue, profitability, actual hours, work in progress, accounts receivable, and collections – deliver information to help users make informed decisions on current and future financial matters. The solution provides tools for accurately pricing matters and effectively managing budgets while maintaining revenue and profitability goals. Options for pricing matters include hourly and fixed fee; by phase; phase and task; or phase, task, and resource.

Matter Pricing also accelerates the budget-planning process by providing more than 50 substantive Thomson Reuters Matter Maps from a variety of common matter types. These Matter Maps were created by Thomson Reuters Practical Law lawyer editors, experienced experts in their respective fields.

Cloud-based and user-friendly, 3E Matter Pricing provides results to help firms develop best practices, make more informed pricing decisions, and budget more effectively for current and future matters.