Digital White Papers

December 2013: Business and Financial Management

publication of the International Legal Technology Association

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Page 23 of 41

A PRICING PARTY: BALLOONS, WIZARDS AND CRYSTAL BALLS by Christopher Ende and David Hobbie of Goodwin Procter (A]PRICING) (PARTY) BALLOONS, WIZARDS AND CRYSTAL BALLS Check out this related article: The Pricing Professional's KM Toolkit Imagine a huge cloud of balloons floating near the ceiling at a child's birthday party. Each has a small but valuable prize inside. The balloons have different colored strings, are various neon colors and float at different heights. You can only grab so many balloons at once, it takes time to find them and pop them, and even more time to unwrap the prizes inside. Drawing on historical pricing data is something like dealing with all those balloons. Your team needs to find the right balloons and then unwrap the prizes inside, i.e., the information about your organization's work on previous matters. It's challenging for similar reasons. Many different aspects of each matter, like the color of the balloon or its height, need to be considered before the right set of matters can be located. Then, drilling into a small set you've collected to find out what's really driving the size of the balloon (the cost of the engagement) means you have to "pop the balloon" and commit some resources to figuring out what's going on inside. In short, harnessing the wealth of information available about historical matters can be a major

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