To make the best decision on where to send your next big matter, you need the right data. That’s why we’ve added a brand new offering to Bodhala’s growing arsenal of benchmarking products: Matter Benchmarking.
Bodhala’s Matter Benchmarking is the first of its kind, providing unparalleled insights into what a matter costs, how many hours were worked, and a deep analysis of staffing and rates — down to the individual task or document.
Rates will always play a critical role in understanding your costs. But when you peel back a few more layers of the onion, you will find there’s almost always more to the picture than meets the eye. Now with a single click, you can find out not just how many hours it took to create an important document — but also how many hours it should have taken, and how it should be staffed.
Backed by Bodhala’s proprietary machine learning and AI, this first-to-market solution is truly groundbreaking. Let’s break it down (see what we did there?):
Bodhala’s New Matter Similarity Model
To make this work, we built a completely new way of comparing matters. Our proprietary matter similarity model uses machine learning and natural language processing to identify similar matters from similar firms. Each pairing is given a similarity score of 1 to 100, indicating the strength of the match.
The model uses over 10,000 different factors to identify similar matters. Plus, it’s smart – as more matters enter the system, it is constantly improving, identifying new pairings and rescoring old pairings. This ensures matters are always compared to the most relevant set of matters.
Get Both Internal & Market Benchmarks
Bodhala’s Matter Benchmarking compares your matters not just against similar matters from similar firms across the market, but also to your own internal panel. You may find that certain firms are much more efficient than others across your panel, but that the entire panel is far less efficient than the overall market for similar matters.
Having both internal and market benchmarks provides you with a unique perspective on your current panel of firms. You can not only improve matter allocation on future matters but also make smarter decisions about how you manage your entire panel.
Detailed Look at Rates & Hours
Every report breaks down both rates and hours by timekeeper level, comparing those rates and hours to both the market and your panel. Rates are only part of the picture so understanding how the matter was staffed, in addition to your rates, delivers true cost analysis.
Drill Down Into Tasks & Documents
Perhaps most exciting — and completely new — is Bodhala’s deep dive benchmarking on individual tasks and documents. Bodhala analyzes every matter, identifying key tasks and documents, and benchmarks those tasks against the market and your panel.
Stop wondering how many hours that document should take to make — or if it should be handled by partners or associates. Bodhala’s Matter Benchmarking gives you the answers.
By combining rate and staffing analysis with market and panel benchmarks, Matter Benchmarking helps you understand the true “should cost” of upcoming matters while also supporting better matter allocation and panel management.
Start simplifying your budgeting and counsel selection process today and sign up for a demo.