Digital White Papers

July 2013: Knowledge Management

publication of the International Legal Technology Association

Issue link: http://epubs.iltanet.org/i/143561

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THE PRICING PROFESSIONAL'S KM TOOLKIT by Chris Emerson and Amy Wu of Bryan Cave THE PRICING PROFESSIONAL'S KM TOOLKIT Although pricing legal work probably appears to be focused mostly on financial metrics — hours, fees, task codes, leverage, etc. — excelling at pricing requires a solid understanding of a firm's knowledge management (KM) assets. For example, it is difficult to know the average price of securities class actions through class certification if one is only looking at summary financial statistics. While the answer could probably be derived by looking through time entries for narratives that discuss the class certification hearing, that would be exceedingly painful with a sample of 20 or more cases. Another example of pricing's tie to knowledge management occurs when pricing professionals are trying to find comparable matters. For instance, if a partner were to ask for the normal range of fees for a breach of contract case that asserts violations of the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), it is highly unlikely the pricing professional will find those cases if he or she is only looking

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