Finance

Thomson Reuters Elite, part of the Legal Professionals division of Thomson Reuters, today announced that Crowell & Moring LLP has selected 3E, the leading enterprise business management solution, following an extensive and competitive review process.

The firm—headquartered in Washington D.C. and with offices across the U.S. and Europe—is transitioning to 3E from Enterprise. The superior functionality and flexibility that 3E offers convinced the firm to continue its long-standing relationship with Thomson Reuters Elite.

Most law firms will time record, enabling them to keep a record of the time spent on handling matters for their clients, and to raise their charges, but how effective is your firms' time recording policy? Other than charging client does your firm use the wealth of data that is available from your time recording system?

Time recording is not only essential in a law firm but it provides valuable information from which managers can access the effectiveness of their operations and general performance of their staff.

Harbottle & Lewis LLP, a leading UK-based law firm focused on the Private Client and TME sectors, has chosen Aderant Expert as their new law practice management software.

When their former practice management system reached the end of its life, Harbottle & Lewis LLP needed to find a future-proof solution. Aderant Expert was the clear choice.

The rise of data analytics has in the past decade substantially impacted how businesses operate and provide services. The legal industry, on the other hand, has been much slower to adopt analytics than other verticals. That is beginning to change, as interest and investment grows in legal organizations.

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Although the predicted time frame varies, most business economists suggest that a recession is on the horizon within the next two years, according to a survey by the National Association for Business Economics released in late February.

In a business that sells time, law firms know and understand that effective and accurate time recording is essential for profitability, and where there are fixed costs, understanding profitability.

A poorly executed time recording policy and strategy will impact on the firm negatively.  Being able to monitor, understand, manage and enforce fee earners on their time recording behaviour on an ongoing basis will reap financial benefits and maintain profitability.

Thomson Reuters today announced that Am Law 200 law firm Brownstein Hyatt Farber Schreck, LLP has selected eBillingHub®, the leading electronic billing solution designed specifically for law firms, in order to transfer its billing process to an automatic system. eBillingHub will simplify the e-billing process and drastically reduce invoice delivery and collection times for the more than 200-lawyer firm.

 

Revenue Control has been by far and away the busiest area for hiring across the legal accounts function in recent years for our team, with significant change and evolution of teams across the legal sector. 

During 2018 we also saw a big drive from US Law Firms to strengthen their resources in this field, often hiring at the senior end of the market, which has had a big impact on the hiring market and created more movement between firms. 

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Thomson Reuters Elite, part of the Legal business of Thomson Reuters, today announced a new Alliance Partnership with Apperio Limited, which provides automated legal spend management and analytics to enable lawyers to track and analyze legal spend in real time.

Independent software company, Insight Legal Software has today announced it has been formally recognised by HMRC’s list of VAT compatible software products, ahead of the upcoming Making Tax Digital (MTD) regulation coming into effect on 1st April 2019.

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