The BRASSplus is released on a biannual basis; the Initial and the Mid-Year Release. Participation is now underway for the Initial Release of the 2015 BRASSplus.
The results are delineated into three distinct benchmarking Reports, targeted to the Firm managers responsible for taking action. Each Report includes summary charts designed to visually present the firm's current and historical position relative to its peers. A description of the metrics included within each of the Report offerings is described here.
We are introducing a new product offering Revenue360 Performance Analytics. This new Dashboard features key metrics from one of our three Reports - the Revenue Management Report. The desktop application allows multiple users at the Firm to interactively filter between both historical and current year benchmarks across multiple comparison groups, multiple offices and multiple practice groups.
Timing: Submissions for participation in the Initial Release of the BRASSplus are due on April 10, 2015.
Fees: The base fee for participation in this release of the 2015 BRASSplus is $1,950. The base fee includes three comparison groups in any of the three Reporting styles. Each participant will also receive one new Snapshot Report for every Revenue Management Report ordered. Additional comparison groups will be billed separately and discounts are provided for firms that order more than 10 additional comparison groups.
The introductory pricing for the new Revenue360 Performance Analytics Dashboard is based on the number of comparison groups ordered. Participants will be charged a fee of 50% of their total invoice (before tax), with a minimum cost of $1,000 and a maximum cost of $1,950.
New ‘Bundling’ Pricing Option - For those law firms that participate in both the LFSS and the BRASSplus, we are offering a set price option of $25,000 for any number of comparison groups or Report Types available from both Surveys. More specifically, this includes the following:
Unlimited comparison groups from the 2014 LFSS
Unlimited comparison groups from the 2015 BRASSplus in any of our distinct Report types
The new Revenue360 Performance Analytics Dashboard
The Report Export Spreadsheet from both the 2014 LFSS and the 2015 BRASSplus
Key Benefits to Participation:
Access to Information from the Nation’s Largest & Most Profitable Law Firms – Last year, our participants included nearly 75% of the largest, most profitable law firms.
Receive Three Distinct Billing Rate Benchmarks – The Revenue Management Report provides information on three distinct billing rates – standard rate, worked (agreed-upon) rate and effective (billed) rate. This allows participants to benchmark the rates that many firms realize due to client pressures.
Ability to Create 'Peer Firm' Comparison Groups to Fit Your Firm’s Needs – Participants can choose to benchmark their individual offices and practice groups to over 1,000 standard geographic comparison groups and 500 standard national practice area comparison groups.
Additionally, many participants opt to create custom comparison groups from a list of their peers/competitors to fit their individual firm needs.
Availability of Multiple Products and Report Styles – Two new products have been introduced this year to complement our most popular Report offering – the Revenue Management Report. Both the Talent Management Report and the Partner Management Report will now include new information on Partner Admission & Alternative Career Path Policies. All of our Report offerings are specifically targeted to the Firm managers responsible for taking action.
Availability of Benchmarking Key Revenue Metrics by Practice Group – Many law firms acknowledge the importance of managing revenue by practice group, in addition to geographic location.
Not only can participants select benchmarking Reports by the size of their national practice, but also through ordering 'Practice Area by Location' comparison groups, which combine the location of the attorneys with the area of law practiced.
Inclusion of Diversity Metrics: – The Talent Management Report allows participants to obtain metrics delineated by race and gender to better understand the diverse population of their Attorney workforce.
A Win-Win Time Investment to Cost Proposition – The time necessary for participation is minimized with our Data Extraction Tool which, for many participants, is as easy as a download of information from their financial systems.
We strongly believe that the investment to participate is significantly more beneficial to the firm, compared to the alternative of compiling and analyzing information obtained from other labor-intensive sources.