PERSUIT's Rate Review Pro allows you to build specific Rate Cards through dedicated functionality in your proposals.
You'll find the Rates section in the drafting screen within your drafted proposal.
In this section, you'll see a few things:
- Instructions and Assumptions from the Client
- Rate Cards
- Timekeeper Table
- Assumptions and Description Text Box
- + Add Rate Card
Instructions and Assumptions from the Client
This section holds the instructions, asks and requirements laid out by the client on which timekeepers they wish to collect rates for. You can use the information in this box to help you build your related Rate Cards.
After the Instructions from the Client, you'll find the Rate Cards. You can build multiple rates cards within one proposal. Within a single rate card, there will be three main sections that need to be filled out.
1. Filters - There are three main filters that are mandatory for you to fill out with each rate card you build. These filters help you specify where these timekeepers can perform services and which services they provide. You can view this article (WIP) for a full list of each category and option within each filter.
- State or City
- Practice Area
Note: If you would like to submit a rate card on behalf of one whole country, you first would need to select the chosen country within the Country dropdown, and then you would need to select the "All of (Country)" option within the State/City dropdown.
2. Timekeeper Table - The Timekeeper table is where you can list the relevant rates for the timekeepers you have available for the specific rate card you're building. You'll find seven columns within this table.
- Timekeeper Title - The timekeepers the client is requesting rates for.
- Last Year's Hours (Optional) - If last year's hours are applicable, then collecting those hours provides the ability to calculate ‘Weighted Average Change’ and ‘Spend Impact’.
- Current Rate (Optional) - The current rate represents the rate that is currently agreed between you and the client. This is optional because there may be no prior agreed rate between the client and your firm.
- New Standard Rate - This is the ‘market rate’ / ‘rack rate’ that you use for the relevant term of the specific Rate Negotiation.
- Proposed Rate - The proposed rate is the rate the firm is offering to the client. Ultimately, this is the rate that will come into effect when the rates are agreed upon.
- Discount from Standard - An automated calculation of the discount between the proposed rates from the new standard rates.
- Change from Last Year - An automated calculation of the change from last year's current rates from the proposed rates.
In the Timekeeper Title column, you can opt out of proposing rates for a requested timekeeper title by using the toggle to the left of their title. You'll know it's been toggled off successfully when the toggle is gray and the relevant text boxes in the following columns are also gray and inaccessible.
If you find that Current Rate and Last Year's Hours are not applicable for this situation, you can turn each one off by checking the relevant boxes found directly beneath the rate card filters. The columns you choose to turn off will turn gray and be inaccessible.
3. Assumptions and Description Text Box - This text box is where you can detail any assumptions you might have related to this specific rate card.
+ Add Rate Card
This button allows you to add multiple rate cards within your proposal. There is currently no limit to the amount of rates cards you can create in your proposal. In the example below, you'll see three existing rate cards. Once you click the + Add Rate Card button, a new rate card (Rate Card #4) will automatically be added and expanded below.
For more information on how to begin the process and create a full proposal for a Rate Review Pro request, please view this article here.