New Solution Integrates with 3E to Accelerate Budget Management and Enhance Decision Making

Jun. 19, 2018

Thomson Reuters Elite announced the release of 3E® Matter Pricing, a new suite of tools to help firms accurately budget, confidently plan, and closely monitor matter financials. Seamlessly integrated with 3E, the leading enterprise business management system for law firms, 3E Matter Pricing provides firms with valuable insights to enable matter pricing and budgeting while increasing profitability and revenue. 3E Matter Pricing is a key component of the business’s future vision and product roadmap, connecting the practice and business of law.

“The true billable hour is a thing of the past. Clients want predictability and that requires law firms to understand like never before how much it will cost to take on a new matter for them to win the business and still remain profitable. It is essential for firms to bridge this information gap with rich firm data and metrics so they can apply accurate models,” said Eric Ruud, managing director, Thomson Reuters Elite. “3E Matter Pricing is an easily adoptable and sophisticated technology solution for law firms, and the first step in supporting front-to-back, practice and business of law demands.”

Matter Pricing extracts relevant financial data such as fee earners, rates, and billing information, allowing lawyers and pricing professionals to price different scenarios and manage matter financials. Matter-level metrics – including revenue, profitability, actual hours, work in progress, accounts receivable, and collections – deliver information to help users make informed decisions on current and future financial matters. The solution provides tools for accurately pricing matters and effectively managing budgets while maintaining revenue and profitability goals. Options for pricing matters include hourly and fixed fee; by phase; phase and task; or phase, task, and resource.

Matter Pricing also accelerates the budget-planning process by providing more than 50 substantive Thomson Reuters Matter Maps from a variety of common matter types. These Matter Maps were created by Thomson Reuters Practical Law lawyer editors, experienced experts in their respective fields.

Cloud-based and user-friendly, 3E Matter Pricing provides results to help firms develop best practices, make more informed pricing decisions, and budget more effectively for current and future matters.

3E from Thomson Reuters Elite offers an end-to-end enterprise business management solution that enables law firms and professional services organizations to run all operational aspects of their business. Designed from the ground up on Microsoft® .NET, 3E offers built-in application development capabilities and, through this unique 3E architecture, enables firms to become more agile, lawyers to quickly respond to client needs, and staff to easily track and manage activity on any scale—from single-office to multi-office and multinational. 3E is the next-generation technology that can help firms improve efficiency, increase profitability, and confidently take on a future without limitations. For more information, visit 3E.

Thomson Reuters Elite is the leading global provider of innovative business management solutions that enable law firms and professional services organizations to streamline operations, maximize efficiency, and increase visibility into all aspects of their businesses. Elite is focused on enabling firms of all sizes and locations to meet their true potential and provide the best service for their clients. For more information, visit Elite.