In our latest Legal Business Report, The Law Firm Compliance Conundrum, we explore the complexities of Law Firm Compliance in all its forms.
In our latest Legal Business Report, The Journey to Compliance: From Guidelines to Cash we take a closer look at the entire billing process and how firms can effectively manage OCG both upstream and downstream.
Imagine a scenario where a law firm is able to provide every client with a secure portal to share documents, data, and expertise in real-time. The concept of a client collaboration technology (or client portal) is not new, but traditionally these have been expensive and difficult to deploy.
Digital transformation (DX), the integration of digital technology into all areas of a business that fundamentally changes how organizations operate and deliver value to customers, will impact all business’ success over the next five years.
When we visit law firms around the globe, we are often struck by just how many firms are still reliant on paper and paper-based legal business processes. Even at firms with paperless initiatives, we’ll see billing partners packing up stacks of pre-bills to review and edit in the evening at home.
As the digital age came about, a combination of computer technology and intellectual prowess turned mountains of paper into digital files. Fast forward 20 or 30 years and law firms are now sitting on mountains of data, but most aren’t using this data to the best of its ability.
There are some technologies that emerge and seamlessly replace the old way of doing things, much like the way email replaced pen and paper as the primary means of business communication. Other technologies take longer to attain mass adoption because of issues with price, ease-of-use, or simply breaking old habits.
For some people, being the “first” at anything can be a scary proposition. According to Everett Rogers’ Law of Diffusion of Innovation, “early adopters” are those who don’t necessarily want to be the first, but are willing to embrace something new and begin to use it after the innovators have paved the way.
Most law firms recognize that the legal market is changing. Most also believe that the business of law must evolve too, to meet changing client demands and grow the business. To do so, all of the many business processes and procedures involved in running a law firm merit evaluation for improvement, in order to be more profitable.
What would an additional two percent of profit do for your law firm? What would two percent more, added to the bottom line, mean for profits per partner, or bonuses to the associates and other law firm staff? What effect would that have on law firm morale, culture, talent acquisition – and even momentum in a highly competitive environment?
Partners and administrators can easily find common ground in the desire to improve the efficiency of law firm billing.
Because firm leaders must have the right information for making decisions, effective BI can provide more decision-making authority and greatly improve a firm’s financial performance.