Pricing Model Tab

A wizard guides you through creating a new pricing (budget) model. The wizard comprises of three tabs: Model, Phases, and Arrangements. The tabs and their fields are described below. You will be prompted to click Next to move from one tab to the next. You can also click Prev to move to the previous tab. When you finish, click Save.

To create a new pricing model:

1. Click the New Model button on the Pricing Model tab. The Create New Pricing Model window displays with the Model tab. Enter the following information:

Model tab

Button	Functionality
Model Name	Type a name for the new model.
Version	Model Version automatically populates with 1 (first version of the model) and cannot be changed. After you create the model and you wish to Edit it, the version changes based on the number of times you edit this model.
Status	Select a Status. Options include the following: Active: Request is currently being used/monitored. Candidate: Request is under consideration and internal to the Pricing team. Alt. Outcome: Request is an alternative version that is being recommended to the submitting Partner. Recommended: Request that is recommended for use by the Pricing team.
Model Type	Create either a Total or Yearly budget.
Comments	Type any notes in the Comments field.
Budget Start Date	Click the field and select a start date from the calendar.

2. Click Next. The Phases tab opens. Enter the following information:

Button	Functionality
Plan At	Select to create the budget on a Matter Level, Phase Level, or Task Level.
Budget Mode	Select from the following options: For matter level: Amount: Enter a target amount for the matter as a whole, and then assign personnel/hours accordingly. Hours: Assign personnel and target hours and derive the budget amount based on this information. Monitor Only: Enter a target amount for the matter without making personnel/hours assignments. For phase level: Amount: Enter a target amount for the phase, and then assign personnel/hours accordingly. Hours: Assign personnel and target hours and derive the budget amount based on this information. Monitor Only: Enter a target amount for the phase without making personnel/hours assignments. Procedures: Build a budget by adding individual tasks at each phase and modifying the associated activities as necessary. Personnel assignments are made at the activity level. For Task Code Level: Amount & Task Code: Enter a target amount for each task within each phase, which adds up to the budget total. Assign the personnel who will be performing each task to determine the hours required. Hours & Task Code: Choose team members and determine the number of hours each team member will spend on each task. The budget amount calculates accordingly. Task Code Monitor: Enter a target amount for each task without making personnel/hours assignments.

3. Based on the selected Budget mode, enter/select options from the relevant drop-down lists. For example, if you select Monitor only for a matter-level, you can provide the monitored amount and start an end date. Select a predefined matter team from the drop-down menu. To add resources to the Budget team, click the Add Other Resource button. To remove a member, click the X in the far right column. The deleted resource name is greyed out. To add the deleted member back, click on the ü sign.

4. For a phase level, hour-based budget, you will be prompted to select a template from the drop-down list that provides the relevant phases . You will then need to check/uncheck the phases that you want to include in the budget. Select a template from the Template drop-down list. This determines the phases, tasks, and activities present in the budget. If you want to create and add a new template, click the New Template link . This will open the Phase/Task Code Template & Model window. Once the template is created you can select it from the Template drop-down list.
5. Click Next. The Arrangement tab opens.
6. From the Does the budget require unique pricing, select No to apply a base fee arrangement from the What is the base arrangement? drop-down list, or Yes to apply a different fee arrangement.
7. Enter a name for the Fee Arrangement.
8. From What is the fee arrangement type that should be priced, select the option from the drop-down. The available options are Collar, Contingency, Fee Cap, Fixed Fee, Hourly (Standard), Partial Contingency (Hourly), Partial Contingency (Non-hourly), Recurring Fee Cap, Recurring Fixed Amount (Retainer).
9. Enter the amount in the amount field. (displayed for all firm fee arrangements types except Contingency)
10. Select the Sharing Option.

Fee Arrangement Type	Sharing Option
Collar: A range above and below the budget.	Share amount proportional to phase budget: The Collar amount will be allocated proportionately to each phase, in ratio of the estimated effort. Repeat Amount for each phase: The Collar amount will be repeated for each of the phases.
Contingency: The client pays only if the matter is successful.	Share amount proportional to phase budget: The Contingency amount will be allocated proportionately to each phase, in ratio of the estimated effort. Repeat Amount for each phase: The Contingency amount will be repeated for each of the phases.
Fee Cap: The client is charged for each hour that a resource works on the matter, but a maximum amount of fees is set.	Share amount proportional to phase budget: The Fee Cap amount will be allocated proportionately to each phase, in ratio of the estimated effort. Repeat Amount for each phase: The Fee Cap amount will be repeated for each of the phases. Amount field: The client will not be billed for an amount in excess of the fee cap.
Fixed Fee: The client is charged an agreed-upon amount regardless of hours worked.	Share amount proportional to phase budget: The Fixed Fee amount will be allocated proportionately to each phase, in ratio of the estimated effort. Repeat Amount for each phase: The Fixed Fee amount will be repeated for each of the phases.
Hourly (Standard) : The client is charged for each hour that a resource works on the matter.	NA
Partial Contingency (Hourly & Non Hourly): The amount charged is dependent on the success of the matter.	Share amount proportional to phase budget: The Partial Contingency amount will be allocated proportionately to each phase, in ratio of the estimated effort. Repeat Amount for each phase: The Partial Contingency amount will be repeated for each of the phases.
Recurring Fee Cap: The client is charged for each hour that a resource works on the matter, but a fee cap (entered in the Amount field) is set	Share amount proportional to phase budget: The Fee Cap amount will be allocated proportionately to each phase, in ratio of the estimated effort. Repeat Amount for each phase: The Fee Cap amount will be repeated for each of the phases. Amount field: The client will not be billed for an amount in excess of the fee cap. The client will not pay more than this amount during the time period (Recurrence) specified.
Recurring Fixed Amount (Retainer): The client is charged an agreed-upon amount each month, quarter, six months, or year.	Share amount proportional to phase budget: The fixed amount will be allocated proportionately to each phase, in ratio of the estimated effort. Repeat Amount for each phase: The fixed amount will be repeated for each of the phases

11. From the What is the base rate you want to use select the rate card you want to apply for the matter. Displayed for Fee Arrangement types (Collar, Fee Cap, Hourly (Standard), Partial Contingency (Hourly), and Recurring Fee Cap.
12. Select the radio button for the discount you want to apply.
13. Click Finish.
14. For the Would you like to stay on this page to edit arrangement details?, select OK to edit the Fee Arrangement.

To copy a pricing model to a new matter:

1. Select the pricing model by clicking its name.
2. Click the Copy to New Matter button on the Pricing Model tab.
3. On the pop-up window that opens, specify whether you are copying to a Matter or an Opportunity.
4. Select the target from either the Target Matter or Target Opportunity drop-down menu.
5. Click Save. The pop-up window closes. You can navigate to the matter/opportunity you selected to view and modify the pricing model.

When you are viewing all pricing models for a matter (Model filter → All Models), you can select to open the overview and details of a specific model.