MANAGEMENT SYSTEM: firm files US patent application

Birmingham firm Wragge & Co has filed a US patent application for its quotation and transaction management system.

The technology, known as Midas, uses a new methodology scientifically to cost and manage cases and transactions, based on historical data.

The Midas tool enables the firm to accurately quote the cost of cases and deals, using a databank of past similar work.

It is particularly useful in litigation where multiple outcomes can be predicted.

A special scoping function calculates the staffing needs of the case or transaction, predicting the number of lawyer hours needed and the different levels of seniority required.

Case progress can be monitored, with the system able to identify the number of hours that should be on the clock at each stage.

Wragge & Co's financial controller Glyn Morris said: 'If billable hours are ahead of the transaction management curve, we are able to have an early conversation with the client about fees.

So there are no surprises.

'If billable hours are below because lawyers are not recording their time quickly enough, we will be aware of this.'

He added: 'We did our own due diligence before filing the patent application, and we could not find anything remotely close to what we were attempting to do.'

Mr Morris said that the firm may consider licensing the technology to a global billings supplier in the future, making it available to other law firms.

Rachel Rothwell