We created a calculator to help you estimate how much more you can earn per year by streamlining your legal research with ROSS. Use your own firm profitability metrics to see how ROSS can help improve your bottom line.
Our hourly billing ROI calculator has five sliders for input about your practice.
First, use the slider to set the number of hours you and your colleagues spend on legal research each week.
Recognizing that lawyers may be billing at different rates, the second slider asks you to set an estimated blended hourly rate for legal research.
The third slider asks you to input the time you save on legal research. Most ROSS users tell us that they save at least 30% of the time they spent doing the same research on legacy platforms. Many lawyers who use ROSS report that they save over 80%.
Then provide your realization rate for legal research. The calculator defines realization rate as the percentage of fees you collect for time billed.
Once you’ve set the sliders, the calculator will calculate the expected return on your investment in ROSS.
Consider a real-world scenario based on composite feedback from our users.
A three-lawyer construction litigation firm in Pittsburgh charges $275 per hour for legal research done by the firm’s excellent associate. The associate generally works about 15 hours per week on research. The firm typically writes off about 20% of the associate’s time spent on research either pre-bill (because the time seems a bit excessive given the size of the matter) or post-bill (in response to client push-back). The associate consistently does excellent work in all areas of the practice and the partners rarely write off time on any other types of work, including deposition preparation which they bill at $325 per hour.
Let’s assume ROSS helps the associate cut her legal research time by 40% per week and frees her up to spend that time doing additional deposition preparation (for which the firm might otherwise have to hire an additional associate part-time).
The ROSS ROI calculation would look like this:
You’ll note that even in this relatively modest scenario, the firm could expect an annual return of over $11,000 from its investment on ROSS.
Try the Calculators and Let Us Know What You Think
We think the calculator will show you how ROSS can improve the profitability of your practice and pay for itself many times over. We also think the process of using the calculators might lead to thought-provoking conversations among partners and colleagues about how they value their time. Let us know if the calculators inspire you to look at the financial performance of your firm in a different way.
ROSS is an advanced legal research tool that harnesses the power of artificial intelligence to make the research process more efficient.