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SmartPaTH

innovation

Value-Based Pricing

SmartPaTH

Clients tell us they prefer predictable pricing, and we have responded by crafting several types of alternative fee arrangements; in fact, we have utilized value-based pricing arrangements for over 2,500 matters. Our proprietary databases, historical repositories and technology enable us to accurately predict costs based on our experience with similar matters of similar scope. More importantly, we talk to our client about a matter's importance in terms of their business goals and develop a pricing strategy that focuses on the value of the result rather than the cost of the effort.

How It Works

  • We offer a variety of alternatives to standard hourly billing rates and know which arrangements work best for which types of matters.
  • We continuously update our pricing repository with data from matters completed under alternative fee arrangements to ensure we maximize value when developing fee proposals.
  • When appropriate, our full-time pricing manager works closely with our CFO and lawyers to evaluate a matter and develop a customized pricing approach.

We invite you to learn more about our value-based pricing strategies. Email us at Innovation@ThompsonHine.com.

Thompson Hine. Always Innovating.

American Lawyer - On Budget and Booming
American Lawyer - Mandatory Budgets

For nearly 20 years, we have worked closely with clients to provide alternatives to the standard hourly rate billing structure. Thompson Hine currently has more than 2,500 active engagements using a value-based pricing model.

We use multiple exclusive resources to develop and implement alternative fee arrangements, including:

  • A centralized, firmwide repository of financial data. Using uniform task codes across all firm matters provides consistent data for financial analysis. We review historic spending at the phase and task level, which enables us to compare the expected effort for a particular engagement with prior similar matters.
  • Our proprietary budget and work plan tool. Using this tool, our lawyers are able to create reliable, data-driven budgets that improve the predictability of the amount and timing of legal spend.
  • An extensive (and growing) library of historical budgets and budget templates that are customized for specific practice areas (e.g., Litigation, Business Restructuring, Corporate Transactions, Intellectual Property, Labor & Employment, Real Estate, etc.) and matter types (commercial loan workouts, M&A transactions, product liability litigation, single-plaintiff employment litigation, etc.).
  • Our full-time Pricing Manager, who works closely with the CFO and serves as a central point of analysis and consultation firmwide. Value-based pricing options are customized for each matter based on its goals and requirements.