Blog: New Law Firm Pricing Tool Taps Into Artificial Intelligence – Bloomberg Big Law Business
Legal technology provider Intapp is releasing a new tool for law firms that uses artificial intelligence to help set and track pricing for client projects “from quote to bill.”
Through the use of AI, Intapp Pricing analyzes previous firm work, including time card data, engagement milestones, and client requirements, according to an Intapp video.
The tool studies “normalized patterns of like matters,” said Jose Lazares, Intapp vice president for product strategy and product management.
In the past, firm partners and administrators often made pricing estimates based on experience—risking client displeasure if they underestimated costs for projects ranging from corporate mergers to litigation. That process often relied on spreadsheets, he said.
“There hasn’t been discipline,” said Lazares. Now, pricing tools like Intapp’s constitute “a hot, growing market in legal tech.”
In the past three years, as top firms have increasingly begun staffing and building out units to better gauge and track project pricing, he said, the process at many has improved.
At the same time, the market for streamlined and sometimes AI-enabled tools to predict and track law firm pricing has grown.
This can be evidenced by what Lazares estimates are no fewer than nine competitors for Intapp Pricing, including Prosperoware, and BigHand, which purchased the legal business intelligence and matter pricing provider DW Reporting in April of 2018.
Intapp’s product differentiates itself, Lazares said, through the use of AI; the fact that it can be linked to a different Intapp product already in the place at many law firms that keeps time; and that it’s “purpose-built for the legal industry.”
At the same time, the Intapp tool addresses law firm project pricing from the beginning of a project to its end, or “from quote to bill,” he said.
Intapp Pricing currently has six early-adopter clients among law firms in the U.S. and Europe, with headcounts ranging from 150 to 1,000 lawyers, Lazares said.
In a year, he said he hopes the product will be fully deployed in eight-to-10 law firms, and that another 20 firms will be testing the product with an eye toward purchasing it.