Torys has put considerable effort into understanding the ways in which the legal market is changing and into adjusting our strategies, expectations, and ways of working to conform to the new market realities. We approach new process improvements through the lens of our clients' needs, with the objective of continuing to align ourselves with their goals and expectations.
Project Management and Matter Budgeting
We approach our work in a collaborative, team-based and disciplined fashion with a specific set of processes underlying our effort. These processes include initial budget preparation, file opening procedures, initial project planning, smart staffing, one-stop accountability, regular interim reporting including against plan and budget, file closing procedures, and file debriefs. We employ these processes in a manner that is tailored to the expectations of our client and the particular matter.
Our lawyers also use a proprietary budgeting tool. The tool provides access to a summary dashboard for all matters a lawyer is working on. For every matter, lawyers are able to create a budget at their desk, build a team and break out the work into its component parts.
The dashboard provides lawyers with on-demand financial information. This enables lawyers to keep clients apprised of the status of their matters. To the extent that alternative billing arrangements are in place, the lawyer receives automatic updates on progress against budget.
The tool allows for proactive matter management internally and timely communication with clients on bill and matter progress. It facilitates a level of transparency with our clients that minimizes surprises and helps foster the collaborative relationships for which we are known.
We approach billing as a key aspect of our partnership with clients, and to us that means providing exceptional quality and service at a cost that reflects its value. We welcome the opportunity to discuss fee arrangements that best suit particular circumstances.
We have been told by our clients that Torys is a leader in designing innovative alternative fee arrangements that allow clients to manage costs effectively. An increasing amount of our work is now priced on the basis of an alternative to hourly billing.