For nearly 20 years, we have worked closely with clients to provide alternatives to the standard hourly rate billing structure. Thompson Hine currently has more than 2,500 active engagements using a value-based pricing model.
We use multiple exclusive resources to develop and implement alternative fee arrangements, including:
- A centralized, firmwide repository of financial data. Using uniform task codes across all firm matters provides consistent data for financial analysis. We review historic spending at the phase and task level, which enables us to compare the expected effort for a particular engagement with prior similar matters.
- Our proprietary budget and work plan tool. Using this tool, our lawyers are able to create reliable, data-driven budgets that improve the predictability of the amount and timing of legal spend.
- An extensive (and growing) library of historical budgets and budget templates that are customized for specific practice areas (e.g., Litigation, Business Restructuring, Corporate Transactions, Intellectual Property, Labor & Employment, Real Estate, etc.) and matter types (commercial loan workouts, M&A transactions, product liability litigation, single-plaintiff employment litigation, etc.).
- Our full-time Pricing Manager, who works closely with the CFO and serves as a central point of analysis and consultation firmwide. Value-based pricing options are customized for each matter based on its goals and requirements.