Finance

During the lockdown period, law firms will have had to respond to major operational disruptions with homeworking becoming a necessity for most. Ensuring staff remained efficient and compliant will likely have proven challenging. With the first stages of lockdown restrictions being eased, the return to work for most will become reality. This will be a welcomed relief to all businesses, and not least of all the legal industry. However, did the shift to remote working, forced by the Covid-19 pandemic, highlight visibility and efficiency challenges for management and partners?

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The legal market has settled into what is now normal. Adjustments have been made to accommodate a distributed workforce, paperless is now standard, and travel has all but ceased. With all of this now in place, what impact will this have on profitability six months, or a year, from now?

Join our panel of profitability experts for insights into the impact of this crisis on your law firm’s profitability past the initial and emergent “recovery” phase, and into the longterm ramifications.
 

We are going through a period of unprecedented uncertainty, requiring more visibility into the health of your business. Circumstances are changing rapidly, and it’s vital that law firms analyse data daily to identify trends, risks, and opportunities.Our newest Iridium BI product, the “Daily Insights Tracker,” was built with this in mind.

A survey performed by LexisNexis as recently as 2018 found that 74% of mid-sized firms in the UK do not measure the ROI for investments in technology. This is in spite of the fact that 87% believe that technology contributes to profit growth to ‘some extent’. Plainly, these two statistics are at the heart of a conundrum facing the legal world. On one hand, we see an increasing acceptance of, and investment in, new technology.

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BigHand is delighted to be named the winner of a Gold Stevie® Award in the Company of the Year - Legal - Medium category in the 18th Annual American Business Awards® this week.

The American Business Awards are the U.S.A.’s premier business awards program. All organisations operating in the U.S.A. are eligible to submit nominations – public and private, for-profit and non-profit, large and small.

A routine migration from a legacy product to Aderant Expert entered uncharted territory when the global pandemic forced everyone home. As the firm entered the most critical stages of implementation, including end-user training and official Go Live, work had to be completed remotely. Despite Robinson Bradshaw’s remote team of billing, back office and IT staff, as well as a Aderant remote Professional Services team, all training, testing and final data conversion was completed virtually, and ahead of schedule. The firm is now live with all modules of Aderant Expert.

HBR Consulting LLC (HBR) announced today that DLA Piper LLP (US) has entered into a five-year managed services agreement with HBR. Under the agreement, effective March 1, 2020, HBR provides DLA Piper with a seamless combination of expert resources, optimized processes and service level metrics supported by HBR’s SpendConnect analytics solution.

Iridium Technology, in collaboration with our friends at LawVision, launched the second annual law firm profitability survey in February 2020. Now it’s time to release the results!

This detailed survey on law firm profitability not only covers the high-level topics but also goes into the “nuts and bolts” of profitability allocations, multiple scenarios, handling rainmakers, etc. Over 100 firms completed the survey this year, providing us with a great data set, and your law firm with invaluable information to move forward on your journey to profitability.

Your compensation committee, come review time, has a need for easily accessible data to help them make decisions on partner performance and compensation. Instead of having to run the data, you can grab this data from Intellistat, your Practice Management System, or (soon) an Iridium cube and have it appear in the Intellistat Partner Performance module.

Aderant, a global leader in providing business management software for law firms, has announced the international expansion of its eBilling solution, BillBlast, broadening the global reach of eBilling compliance. BillBlast will now be available through regional data centers for firms doing business in Canada, UK, Europe and the Asia Pacific region.

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