Editor’s
note: Second
in
a
series.
The
Litera
Foundation
knowledge
management
platform
doesn’t
just
have
customers.
It
has
superfans
—
law
firms
continually
using
the
system
in
new
ways
to
enhance
client
value.
These
ground-breaking
firms
were
recently
honored
in
Litera’s
inaugural Foundation
Innovation
Awards,
which
recognized
the
creative
ways
firms
are
using
this
powerful
tool.
Foundation’s
simplicity
and
adaptability
are
at
the
core
of
these
awards,
which
highlight
the
endless
use
cases
Foundation
customers
are
putting
into
practice.
Here,
we
explore
a
use
case
among
the
finalist
firms.
Perkins
Coie
Implements
Data-Driven
Forecasting
When
working
together,
two
Litera
solutions
—
Foundation
Scoping
(formerly
known
as
Clocktimizer)
and
Foundation
—
can
offer
critical
insights
into
pricing
trends
so
that
firms
can
increase
revenue
and
profitability
while
also
improving
client
service.
Before
GenAI
was
a
household
term,
there
was
Foundation
Scoping,
which
uses
natural
language
processing
to
identify,
categorize
and
analyze
timecard
data,
providing
useful
insights
for
scoping
and
matter
management.
A
Perkins
Coie
team
of
knowledge
management,
innovation,
and
pricing
professionals
set
out
to
combine
data
from
Foundation
Scoping
and
Foundation
to
provide
better
data
support
to
the
Emerging
Companies
&
Venture
Capital
practice.
The
team
particularly
wanted
to
categorize
transaction
types
using
data
from
Foundation
and
Foundation
Scoping
to
create
a
pricing
model
and
identify
trends
so
they
could
more
accurately
price
and
scope
matters
in
the
future.
The
Perkins
Coie
team
was
able
to
overcome
challenges,
including
estimating
the
present-day
value
of
historical
work
experience
and
ensuring
the
integrity
of
the
data
entered
into
the
system.
Because
of
these
efforts,
the
firm
has
a
deeper
understanding
of
the
key
activities
by
deal
type.
Now,
they
are
looking
to
publish
a
firmwide
dashboard
that
will
help
their
lawyers
leverage
this
data
to
better
align
with
client
needs
and
efficiency
goals.
“By
integrating
Foundation
Scoping
and
Foundation, Perkins Coie is
harnessing
the
power
of
data-driven
insights
to
transform
how
we
scope,
price,
and
manage
matters
for
our
clients,”
says
Julio
Sanchez,
the
firm’s
Senior
Pricing
Manager.
“Creating
robust
internal
benchmarks
enables
us
to
respond
to
client
RFPs
more
quickly
and
accurately,
expand
the
number
of
partners
we
can
support
with
actionable
data,
and
drive
improvements
in
firm
revenue
and
profitability.”
“This
initiative
not
only
enhances
our
ability
to
identify
key
activities
and
trends
by
deal
type,
but
also
empowers
our
lawyers
to
deliver
more
efficient,
client-aligned
value-based
alternative
fee
arrangement.
We
are
excited
to
continue
advancing
our
data
strategy
to
further
support
our
commitment
to
innovation
and
exceptional
client
service.”
With
so
many
unique
use-cases
for
Foundation,
it’s
no
wonder
to
see
why
it
has
such
innovators.
If
you
would
like
to
learn
more
about
Foundation
and
explore
how
it
might
help
your
firm
transform
your
experience,
pricing,
and
other
precedent
data,
connect
with
the
Litera
team
to
request
a
detailed
analysis
of
your
marketing
tech-stack!
This
and
other
use
cases
will
form
the
basis
of
a
business
of
law
eBook
this
year.
You
can
pre-register
for
your
copy
by
filling
out
the
form
below.