CHADDS FORD, PA – April 20, 2016 – Legal support services consulting firm Mattern & Associates, LLC announces today that the highly regarded, bi-annual Mattern & Associates Cost Recovery Survey has officially launched and is now open to law firm participation. Now in its 12th year, the 2016 Survey will continue to benchmark key, traditional areas in cost recovery practices; new this year, the Mattern & Associates Cost Recovery Survey will also integrate a tier of strategic questions designed to measure vital changes that have transpired within the legal industry in legal workflow and processes.
Law firms’ success now depends on the firm’s ability to manage cash flow and drive profitability against margin. The 2016 Cost Recovery Survey is expected to show the continuous division of the cost recovery marketplace which forms two groups: firms that are proactive about maintaining this expense recovery stream and are adjusting their strategy to the current marketplace, and firms that are allowing the 3% – 4% of revenue which comprises this recovery stream to disappear.
Since 2004, the Mattern & Associates Cost Recovery Survey has become the go-to industry resource for tracking the cost recovery practices of law firms across size and geography. This survey will focus on traditional areas of recovery, including copy, print, scan, litigation support, and eDiscovery services. In addition, the 2016 Survey will also include a focus on legal workflow and processes: examining headcount ratios and costs in the back and the middle office functions, document processing and overall document workflow.
The Mattern & Associates Cost Recovery Survey is, year-over-year, lauded by industry leaders as the most comprehensive snapshot of cost recovery practices in the industry. Participation is open now and ends June 1. Only participants in the 2016 Cost Recovery Survey receive customized reports benchmarking their firm’s position across all areas of cost recovery, including this year’s new areas of focus in legal workflow and processes Firms interested in gaining concrete insights into these cost recovery revenue streams and workflows are highly encouraged to participate today by clicking here now.
Rob Mattern comments, “We are proud to provide the legal industry with our bi-annual survey, which has become the premier resource for tracking the cost recovery practices in the legal industry. 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/cost recovery have changed and are not going back to the good old days. What is new is recognizing and taking advantage of the market conditions; strong cost recovery models for firms with certain client bases will become increasingly important in 2016 and beyond. In addition, streamlining and modifying back and middle office workflow is becoming vital in today’s environment.
To learn more about the 2016 Mattern & Associates Cost Recovery Survey, click here.