Cost Recovery Strategies
A legal cost recovery consulting services engagement with Mattern & Associates is focused, extensive, detailed, and data-driven. We analyse your existing legal cost recovery rates and processes, compare them to industry and peer benchmarks and best practices, and recommend a plan of action that will bring about significant improvement.
The scope of our investigation includes:
- copies (color and B/W);
- prints (color and B/W);
- digital services (provided in reprographic center);
- legal research;
- overnight shipping services;
- word processing;
- secretarial overtime;
- litigation support and ediscovery services; and
- miscellaneous disbursements.
As an outcome of this opportunity assessment, clients can expect to receive:
- a current-state assessment documenting cost recovery processes, average costs, and the average dollar recovery for specific services, including quantified rates, billable and non-billable activity, exception editing, and collections;
- expense recovery per service area benchmarked (against the industry and firm-selected peers);
- identified areas of cost recovery “leakage”;
- five-year projections of cost recovery revenue;
- an evaluation and recommendations for cost recovery system hardware;
- a Mattern-managed request for proposal (RFP) and evaluation of options for a cost recovery system (if necessary); and
- additional cost recovery opportunities and alternate cost recovery methodologies (such as Mattern Near Site Solution® and Mattern Plan B Cost Recovery®.)
Client and attorney pushback are nothing new since 2008. Pressure on rates and clients’ refusal to pay have been, and will continue to be, part of the norm.
These aspects of firm management and cost recovery have changed and are not going back to the good old days. What is new is recognizing and taking advantage of market conditions. As firms push business operating models, favor profit models of conducting business over antiquated revenue models, strong cost recovery models will become increasing important.
Don’t get left behind. Call us and ask to speak with one of our cost-recovery consultants.