Last week, we hosted our webinar “The 2016 Cost Recovery Survey Results are In: What’s Hot and What’s Not,” outlining the results of the 2016 Mattern & Associates Cost Recovery Survey, led by Director of Client Technology and Strategy, Stephen Cole, and Director of Operations, Joe Grubb. The webinar revealed that cost recovery is no thing of the past, but remains a vital revenue stream for many firms of various size.
Some of the highlights that were covered are:
- Clients are still paying for soft costs at roughly the same percentage in 2016 as was seen from 2004 to 2014.
- Your internal billing attorneys remain the biggest area of write-offs, not your clients.
- The traditional model of soft cost recovery still remains the most popular method of recovering costs.
- The recovery of prints and scans remains strong; however, there is erosion of net realization.
- Firms are getting more aggressive on recovering the costs of data storage and data rooms.
Some of the “low” lights are:
- Legal research continues to take a hit both from internal and external sources.
- “Billable actually Billed” which is defined as billable costs that have been written off prior to billing continues to climb.
The Mattern & Associates Cost Recovery Survey provides a realistic view of the cost recovery marketplace and is ideal for firms struggling with how to retain this revenue stream in today’s marketplace.
Don’t be fooled by the myth that cost recovery is dead; stay on top of the game and plan for your 2017 cost recovery strategy. If you would like a copy of the Cost Recovery Overview or to hear the webinar, please email firstname.lastname@example.org to request complimentary access.