Prosperoware Announces Industry’s First Client Value Management Solution: Umbria 3.1 at ILTACON
Client Value Management is the future of legal services
Philadelphia, PA – Aug. 10, 2017 – Prosperoware, a leading enterprise software company delivering innovative technology transforming legal and professional services, today announces the release of Umbria 3.1, the industry’s first Client Value Management solution. Umbria 3.1 unifies newly interdependent business processes and behaviors clients expect their firms to master in an agile manner. Prosperoware will demonstrate Umbria 3.1 at booth #201/203 during ILTACON at the Mandalay Bay in Las Vegas, Aug. 13-17.
Today, client value is defined as delivering quality matters at the expected price. Previously, value was established through quality work delivered, with little emphasis placed on cost or agility. The insertion of client expectations and budget disciplines into the meaning of client value has upended the law firm business model and fundamentally challenged legacy siloed processes.
The impact on firms is lower margins. Firms, therefore, have a mandate to tightly integrate business processes and put in place enterprise controls to assure matters are priced and delivered within the firm’s expectation for profit. This means firms must sell, deliver, leverage the results, and measure performance as an agile continuum of interlinked processes.
The first and second generations of solutions were targeted at each siloed department to build or purchase technology to empower its own processes and/or at integration to break down the silos. Time showed these led to impediments to leveraging information and inefficiencies in overall operations.
As the market has matured, it is clear firms can achieve far greater benefit from the next generation of products and the synergy of a single, enterprise class solution to integrate the core business processes of sell, deliver, leverage and measure.
This is Umbria 3.1, the industry’s only Client Value Management solution which unifies newly interdependent business processes and behaviors clients expect their firms to master in an agile manner. As a next generation product, Umbria 3.1 creates a single source of truth via these modules:
• Umbria Price Budget & Monitor enables partners to monitor their matters, manage scope, through a web-based interface, mobile app, email alerts and exports in any office format through the lens of the client. Umbria provides more than a dozen different methods for creating budgets using its modern interface or via Microsoft Excel. Umbria helps finance and pricing teams model, approve, and track all fee arrangements.
• Umbria BI delivers on firm-centric business intelligence via interactive dashboards drill-down, and Excel integration to manage performance at all levels of the firm, department, practice group, client and matter–all delivered with the power of Microsoft SQL Server in-memory business intelligence technology for high speed performance.
• Umbria Profit is the industry’s first completely configurable cost allocation engine. Umbria Profit allows firms to model different cost allocation methods for different purposes such as management and compensation to measure performance, and rids firms of the need to leverage consulting each time they want to revisit their approach to determining costs rates.
• Umbria BD empowers firms’ sales and business development process through opportunity tracking, proposal generation and profiles for client, matter, internal lawyers and staff, vendors and other third parties such as judges and experts. BD provides workflow to gather critical profile data and then allow to leverage the data through an enterprise search like experience.
• Umbria File enables the creation of indices–pleading, deposition, trial, and case bundles, storing it any DMS or document repository of choice, with extended multi-value metadata.
• Umbria Answers a natural language process AI tool that automates quick, consumable answers to natural language questions across firms’ business functions (HR, finance, marketing, knowledge management, business development, etc.).
Keith Lipman, CEO of Prosperoware, comments: “In the new market for legal services, it’s no longer tenable to separate the key business functions of the firm from the practice of law. Gone are the days of front of the house and back of the house distinctions. Client Value Management is the future of legal services—and so, we are delighted to deliver Umbria 3.1 as a solution as much as we are thrilled to see our clients succeeding. We are looking forward to a great ILTACON.”
Prosperoware is an enterprise software company providing solutions for law firms, corporate legal departments, and professional services firms. Our customers include half of the G20 and Am Law 200, 64% of the Am Law 100, many large global corporations, and the Big Four accounting firms. Our innovative software transforms how professionals work and enables firms to deliver more value to clients while protecting profitability. We empower firms to reduce costs, improve profitability, and better compete by:
• Enforcing and automating need to know security and risk management
• Helping firms deliver more client value through predictable fees and insight into work performed
• Empowering professionals to leverage modern profitability metrics, which drive truly informed pricing, budgeting, and delivery decisions
Our teams work primarily from offices in London, Chicago, and Philadelphia. Our more than 250 customers range in size from small firms with just a handful of users to those with more than 14,000. Prosperoware customers include: Akin Gump, Goodwin Procter, Baker Botts, Berwin Leighton Paisner, DLA Piper, Duane Morris, Hughes Hubbard & Reed, Sheppard Mullin, Comcast, and NBCUniversal.