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.
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.
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.
Procurement plays an essential role in law firms’ ability to reduce and contain costs, manage risks and improve the level of supplier service delivery. Reflecting procurement’s rising value, a majority of law firms (67 percent) have established a procurement function, according to a Procurement Leader survey conducted in connection with HBR Consulting’s 2018 Law Firm Procurement Roundtable.
In ecology, the term “edge effect” refers to the boundary of two or more habitats. At the edge of two intersecting habitats scientists find greater diversity of life, including unique species that are specially adapted to the conditions of the zone where the two habitats come together.