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This article applies to:

  • Product: Legal Tracker
  • Audiences: Company

Create a firm portfolio

Companies use firm portfolios to group selected matters into a user-defined portfolio that has spending limits on fees or expenses across the portfolio. A firm portfolio shows total matter spends by the firm, making it easy to track groups of matters and assign matters to a portfolio.

Firm portfolios

Firm portfolios provide a more efficient way to handle large portfolios of work for value-based fixed fees, you can define firm portfolios. Firm portfolios offer the following additional benefits:
  • A firm portfolio presents a single consolidated view of all open matters and total spend for a specific firm.
  • Matters are assigned to user-defined firm portfolios on an individual basis.
  • Firms can have an unlimited number of portfolios.
  • Firm portfolios have spending limits on fees and expenses for total portfolio spend. Expenditures can be tracked with red flags, auto-reduce, and auto-reject with customizable email notifications.
  • Volume discount structures work well with firm portfolios.
Firm portfolios are useful if you want to:
  • Efficiently handle large portfolios of work for a value-based fixed fee
  • Make periodic adjustments if additional unexpected work arises
  • Better manage fee risk where assumptions about the scope of work may be off
  • Allow for selective inclusion of a number of matters for a specific firm, and exclusion of selected matters on an individual basis
  • Set up volume discounts

Create a firm portfolio

To create a firm portfolio:
  1. Select
    Firms
     then
    Our firms
    .
  2. Select a firm in the list to open the firm profile page.
  3. Scroll to the
    Firm Portfolio
     section and select
    Add
    .
  4. On the
    Edit Firm Portfolio
     page, select how you want to manage the portfolio:
  5. For the method you selected:
    • Enter the amount of the total costs or fees and expenses you want to limit spend to.
    • Select the action to take when the cost is exceeded.
    • Enter a percentage at which an email notification should be sent.
  6. Fill in other fields as needed.
  7. On the toolbar, select
    Save & close
    .