Fenwick's director of pricing and product development, Kevin Vaarsi, talked to The American Lawyer about how law firms will continue innovating using analytics to increase operating efficiency and make even more targeted, data-driven decisions in 2019.
Vaarsi talked about how law firms like Fenwick are using analytics to harness data from separate record-keeping systems to create a more rigorous pricing process that adds value for both clients and the firm.
For example, one of Fenwick's pricing tools matches the firm's financial and docketing databases to create a real-time tracker for the cost of its patent prosecution work. The application helps partners who manage the process know when deadlines are coming up, and also shows if a matter is running over expected costs.
Vaarsi said Fenwick has also created an experience database that has captured 20 aspects of a thousand M&A deals to both help lawyers find relevant documents and for its pricing team to find better ways to price its deals.
"We are transforming the way we operate. We've come a really long way in terms of making data-backed decisions for financial decisions. But there are always ways we can improve on that," Vaarsi said.
Read the full article at The American Lawyer (subscription required).