Iridium Technology announces new release of matter pricing and tracking solution
Iridium Technology, a global provider of BI and Financial Analytics solutions for law firms, is pleased to announce a new release of it’s innovative Matter Pricing & Tracking solution.
Iridium Technology’s Matter Pricing and Tracking Solution enables law firms to plan, price and monitor legal matters. It leverages historical matter information to price new matters and facilitates modelling of various pricing scenarios – including hourly, fixed fees, blended rates and more.
“The latest release of our Matter Pricing and Tracking solution builds upon the recent successful deployments we have had working with law firms around the world” says Tom Jones, founder and CEO of Iridium Technology. “It takes our clients to the next level, enabling them to make more intelligent pricing decisions while keeping their teams and clients informed.”
The release incorporates new functionality to improve the user experience and keep clients informed, and support for various advanced budgeting scenarios.
Self Service Matter Tracking Dashboards
Pre-configured matter tracking dashboards provide each member of the matter team with in-depth insight into the actuals vs budget for their matters. The dashboards bring together information related to hours, fees, work in progress, accounts receivable, billing, and collections, ensuring that all team members are kept up to date.
History Tracking
Building upon the existing support for tracking budget versions, Iridium now provides a full history of changes made to each matter budget, providing a full audit trail and allowing users to quickly revert back to a previous version of the budget at any time.
Configurable Fields
Additional support has been added to extend the attributes captured as part of the budgeting process, enabling firms to input data relevant to the type of work, capture assumptions, or input post-mortem analysis.
Ad-hoc Creation of Portfolios
Portfolios enable you to budget for a range of matters as part of a single budget. This can be used for linked transactions that span across practice areas, or similar pieces of repetitive work as part of a single contract. Previously portfolios could be created based only on pre-defined characteristics, this has now been extended to allow users to create portfolios easily and then use them as part of the budget tracking process.
Enhanced Rate Management
Dealing with complex fee arrangements is typical when pricing new matters, to help, the tool now has extended rate functionality to automatically apply client or matter level rates when preparing a budget for an existing client.
Rate structure has also been extended, allowing you to easily apply a specific rate for any combination of the budget hierarchy – for example by Phase / Task / Resource / Milestone – making it simple to input rates as part of the Matter Pricing process.
Reporting & Alerts
Keeping your clients up to date is now easier with embedded reports, allowing you to embed information within proposals, or send onto a client as part of an update on their matters.
Firms looking to automatically push information via email can now take advantage of AlertManager to send alerts to budget owners with embedded links to the dashboard for further insight.
Large Data Sets – Performance
The performance of the application has been optimised to ensure the system is responsive when working with larger data sets, typically when budgeting for larger matters based on a number of historical matters.
To learn more and book a demo, please visit: https://www.iridium-technology.com/iridium-product-family/matter-module/.
