Most law firms have access to data that can help them make smart decisions backed by good business strategies. Often, roadblocks occur when firms try to determine the best approach or tool to handle the data. Throughout our years working exclusively in the legal industry we have noticed that both executives and attorneys are asking for one version of the truth to get meaningful business insights, improve business performance, and surface key performance metrics. If you are at this crossroad, or wondering if it is around the bend, take a look at these 3 signs to see if the information needs and opportunities in your firm surpass your current solutions.
1. Different Versions of the Truth
Not only are the amount of data sources growing, but so is the complexity of the data. With people manipulating data differently, it becomes very challenging to maintain a consistent shared view across the firm. In this case study you can read how Crowell & Moring was able to consolidate hundreds of inconsistent reports into a few actionable benchmarks & alerts giving them one-version of the truth.
The benefits of a single reporting and analytics platform provides you with no worries whether everyone in the firm is viewing the same and most current data. With the ability of all departments, teams, and individuals effortlessly keeping tabs on their book of business, it keeps everyone on the same page.
2. Stuck With Only Monthly (or Yearly) Reports
A Key Performance Indicator isn’t indicating much if it’s only being analyzed on a monthly basis. KPIs must be measured frequently. At a minimum, weekly but ideally, they’re monitored daily. If it takes days or weeks to run a single report, it’s impossible to make strategic business decisions.
New BI systems will extract data every single day. This keeps a steady finger on the pulse of your firm’s health by analyzing not only the large overall trends, but also any minute changes in business. With real-time observation, it’s possible to drill down to find the exact cause of certain trends. Take a look at this article to see what metrics and trends many law firms are already tracking to see if you measure up!
3. Your Current Solution Just Isn't Cutting It
Let's get down to the basics. Your attorneys are requesting more information and a meaningful data visualization tool. You may have a BI tool that is slow to make improvements, a non-legal specific report writer, or even something that came as a package with your time and billing system. The problem with many of these tools is that they require significant IT expertise that many law firms either don’t have or can’t afford just to get the most basic BI work done.
In this Case Study, Waller Lansden recognized that their BI tool was no longer providing the features that they needed to evaluate all of the relevant information. Ultimately, their Management Team decided that it was time to find an alternative Business Intelligence solution that better fit their business model and current needs. A vendor the specializes in the legal BI vertical can deliver an out-of-the-box solution that requires very few customizations and minimal effort from your internal resources.
The need for the appropriate solution to help handle your firm’s complex data will eventually become obvious in the simplest of ways. Wasted time, data nightmares, and piles of requests to the IT and Finance departments are just some of the examples we hear from many law firms. With the complexity and volume of data most firms have, a BI solution will eventually be the apparent way to get real business value out of the mass amounts of information and get around those roadblocks.