In developing the Legal Value Score, TVPi and Legal Decoder joined forces to offer the legal industry the only data-driven score by which clients and law firms can agree upon and quantify the value of legal services. The Legal Value Score strengthens the relationship between the two business partners with a mutually embraced metric that provides actionable information which can be objectively measured and monitored over time.
FALLS CHURCH, Va., May 19, 2022 /PRNewswire-PRWeb/ --The True Value Partnering Institute (TVPi) and Legal Decoder, Inc. today announced the release of the groundbreaking Legal Value Score, the first-of-its-kind data driven metric to assess the value of legal services. The Legal Value Score is powered by Legal Decoder's legal spend data analytics technology, has been vetted by industry veterans and endorsed by TVPi.
Having long witnessed the differences between the way law firms and clients measure the value of legal services, TVPi and Legal Decoder have identified the core components of value. The two organizations joined forces to provide the legal industry with the only data-driven score by which both sides can quantify and agree upon the value of legal services. Billing data functions as a genetic roadmap telling a story about the delivery of legal services and allowing for insights to be uncovered as to the realization of true value for both sides. The Legal Value Score transforms the raw data into actionable information. Built with Legal Decoder's deep expertise, the Legal Value Score gives both in-house legal departments and law firms simple and actionable insights to assess the efficiency of legal services and the transparency with which the services are being billed. The Legal Value Score levels the playing field for buyers and sellers of legal services affording them universally accepted metrics by which to evaluate legal services and a framework to fuel a productive conversation between the two parties. The Legal Value Score allows in-house legal teams the ability to know with certainty that they are getting optimal value for every dollar paid and gives law firms the ability to highlight where the law firm excels.
"Clients and their law firms have engaged in a very tired conversation about value in the context of legal services. Until now, it's been a lot of talk and little action to solve the value conundrum. Colleagues at TVPi realized that the way to unearth value is to use data and metrics that both sides accept as being indicia of value," said TVPi, "When we saw the opportunity to transform the theory of 'value' into a useful, practical reality, we teamed with Legal Decoder and leveraged its cutting edge technology to develop the Legal Value Score. This score will make conversations with clients much more focused and productive."
The Legal Value Score derives from an analysis of billions in legal spend data and was vetted by law firm experts in the pricing/financial, information technology and knowledge management fields and by in-house legal departments and legal operations professionals.
"When analyzing the data underlying the Legal Value Score methodology, it was important to get feedback from both clients and their law firms because, in my view, both sides need to buy into the metrics surrounding value," said Joe Tiano, Founder and CEO of Legal Decoder, "We wanted to build something to frame a conversation around the value of legal services. If you want to get a 10% discount off of legal fees, a simple phone call can do that....and ruin a valuable relationship in the process. With the Legal Value Score, we wanted to develop something that fosters a constructive dialogue bringing both sides together."
The Legal Value Score will be rolled out in mid-May with early adopter in-house legal departments and their law firms. LEARN MORE AT https://legalvaluescore.net/
About Legal Decoder, Inc.
Legal Decoder has become the industry thought leader in the field of legal spend data analytics technology offering cutting edge tools to law firms and in-house legal departments which help them price and economically evaluate the efficiency and value of legal services. Legal Decoder's clients include in-house legal departments and law firms of all sizes as well as constituents in the bankruptcy industry. Legal Decoder's website is http://www.legaldecoder.com
About TVPi
TVPi is the pioneering organization comprised of law firm executives dedicated to the learning, networking and professional advancement of legal business professionals that take the lead in driving value. As a result of its thought leadership and networking initiatives, TVPi is the organization legal business professionals look to for organizational and professional advancement. https://tvp-institute.com/
Media Contact
Joseph R. Tiano, Jr., Legal Decoder Inc., 1 703.237.1313, [email protected]
SOURCE Legal Decoder Inc.
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