Everyday there are multiple opportunities for law firms to execute their cost recovery policy–but there is only one (1) opportunity every two (2) years for your firm to benchmark your cost recovery strategy against your peer firms. This opportunity is now.
The data collected in the Mattern & Associates’ Bi-annual Cost Recovery Survey enables your firm to make apples-to-apples comparisons against peer firms both size wise and geographically. It also provides the hard data to drill down and really understand what is going on in the cost recovery marketplace.
Check out this infographic providing a compilation of previous years’ results. (Click here to view full-sized infographic)
In 2016, the Survey displayed interesting trends – primarily, it showed that the traditional soft cost recovery model is not going away. In fact, 68% of firms reviewed their cost recovery strategy and elected to still utilize this methodology. 24% explored an alternative strategy and decided not to move forward. However, 8% of firms, the highest percentage since we began tracking this data point, have implemented an alternative model, such as building cost recovery into their rates, utilizing a hard cost pass through (Mattern Plan B) or dropping recovery altogether.
For those that maintained soft cost recoveries, they experienced client pushback in certain areas including B&W copies, color copies, B&W print, color print, word processing. Pushback in these areas have increased from 2014.
Here’s something you may not know—participating firms get more than these overview results. Participating firms get customized reports benchmarking their firm’s performance against that of their peer firms.
With two weeks left, your firm has just enough time to participate and we’re here to help you complete it on time. Just contact Lisa Schneider at email@example.com and she will set you up with your access today. We look forward to delivering powerful results.
“The Cost Recovery Survey has been useful to benchmark our realizations in various recovery categories and compare them to peer firms. It has validated that our cost recovery strategy is competitive and a worthwhile revenue stream for our Firm.”
Andrea Meyers, Director of Finance & Operations at Miller Johnson