Finance

Ensuring your law firm has an accurate policy and process to track billable hours is crucial to a law firm’s existence both for justifying billing and, understanding and predicting WIP and profitability. Most firms have time recording systems in place, and detailed policies to ensure the fee earner and the firm meet their targets. However, if strict procedures are not in place, relying on fee earners to record accurately and at the right time can be time-consuming.

For decades, law firms have charged their clients by the hour. It was a solution that seemed logical at the time. There is a lot that goes into working a case, and no way to tell how long it will take when an attorney begins to pursue one. As such, working a case and billing customers upon resolution seemed to work. However, legal clients today are demanding much more transparency, and this old billing structure no longer makes sense. 

Post a Comment

Legal technology consultancy Pinnacle has launched a new product and service designed to help firms secure a consistently high level of data quality and hygiene.

Monitor is a tool which runs as an automated process that is deliberately system agnostic.  It is used to check Elite 3E, Enterprise, InterAction, Intapp Open and other databases for any data issues and inconsistencies. 

Thomson Reuters Elite, part of the Legal Professionals division of Thomson Reuters, today announced that international law firm Withers Worldwide will be transitioning from Enterprise® to 3E®, making it the latest firm to choose the market-leading enterprise business management solution. Withers will also be implementing 3E Budgeting and Forecasting as part of the transition.

Thomson Reuters Elite, part of the Legal Professionals division of Thomson Reuters, today announced that international law firm Withers Worldwide will be transitioning from Enterprise® to 3E®, making it the latest firm to choose the market-leading enterprise business management solution. Withers will also be implementing 3E Budgeting and Forecasting as part of the transition.

Four years ago, we introduced a thesis called “Your Firm 2020.” At the time, we predicted the majority of law firms will expect legal technology to support better automation, mobility, and collaboration. We also noted that cybersecurity would be one of the most pressing concerns. As we publish this paper, we’re closing in on the final quarter of 2019 and we think those forecasts have largely played out.

Post a Comment

Law firms, like any other business, must continuously track their key performance indicators (KPIs). These metrics go far past the Billable Hours metric that most attorneys track closely and are a great way to help legal teams better manage revenue and expenses. KPIs provide law firm partners and administrators with data analytics that provide an overview of performance for the total firm and across the various firm “slices” such as by timekeeper, practice group, or office. To get the maximum benefit from tracking KPIs, law firms must choose their KPIs wisely.

Post a Comment

Law firms are in the business of helping people, but they are still businesses. Large law firms have teams of people working on analyzing and investigating their performance on key metrics. Smaller law firms, on the other hand, may struggle to allocate adequate resources to analyzing their financial metrics. Regardless of firm size, there are specific metrics that the firms must track and publish to their attorneys.

Post a Comment

Many law firms today have already taken advantage of Aderant, the innovative billing solution for legal teams. However, as law firm leaders know, there is more to running a legal firm than simply billing. While it is certainly an important aspect, there are other metrics law firms must track, as well. It is for this reason that your firm needs our comprehensive technological solution.

Legal Lab 2019, HBR’s fifth annual gathering of leaders from leading law departments and law firms, marked a turning point from prior years where we were poised on the brink of change in the legal industry.

Post a Comment
Syndicate content