Law firms are under more pressure than ever to develop effective rate strategies. Thomson Reuters and LawVision, a leading legal consulting firm, today announced a joint effort to develop new digital strategies and data-driven metrics powered by Peer Monitor’s leading financial benchmarking data to drive law firm performance and profitability.

Peer Monitor’s anonymized industry benchmarking data will be selectively incorporated into LawVision’s Digital Strategy Practice. The joint program will advance pricing, profitability, and practice management and optimization initiatives. It will enable firms to develop data-driven performance cultures with a deeper understanding of client needs and firm profitability at all stages of the matter lifecycle from intake through to collection. One of the first initiatives will be the development of Profitability Labs that will analyze both performance metrics and human factors, such as workstreams and policies to optimize a firm’s performance.

Peer Monitor and LawVision will host a webinar on April 11, 2019, at 12PM CDT on “Modern Price Practices and Trends With Ideas for 2019.” (registration is available here)

“Law firm leaders face many challenges to lead, manage and innovate in an increasingly competitive environment,” said Mike Abbott, vice president, Enterprise Thought Leadership and Content Strategy, Thomson Reuters. “Peer Monitor and LawVision together can provide additional insights to help firms build revenue, maintain client loyalty and bolster profitability.”

“The combination of LawVision and Peer Monitor will offer a unique value proposition helping law firm leaders think differently about data and how it pertains to strong client relationships, law firm profitability, and innovation,” said Mark Medice, principal in the LawVision Digital Strategy Practice.