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Top Benefits to Legal Matter Management

Posted by Carly Wilson on Fri, Feb 05, 2021

Top Benefits to Legal Matter Management

by Carly Wilson / February 5, 2021

Why is matter management a necessity now? As firms grow, business has become more global,  the scope and volume of legal work has increased, and so have the matters. Law firms are faced with the challenge of managing thousands of new legal matters every year. Managing this process manually is not an option anymore, and shouldn't be. There have been too many advancements in technology to not take advantage of the tools out there. Firms have found great benefits to implementing a matter management tool to help with automation and streamlining matter related tasks.

Matter ManagementSoftware functionality varies from one company to another and the Matter Management tools are no different, but at bare minimum your firm will want something that provides more than just the basics. You want a tool that allows your users to open matters of various types, manage budgets, assign timekeepers to matters and sub-tasks, and report on who worked on what. The ability to access all of this information in one tool efficiency can be done by using a matter management tool like BigSquare's.

A matter management system provides even more value to the firm when it is integrated with other software platforms like analytic and profitability applications. For example, BigSquare's Matter Management application helps to provide law firms with information on legal costs which gives them more insightful reporting because it is tied into the other BigSquare applications: Attorney Analytics and Firm Focus. Implementing a Matter Management tool not only helps to solve some challenges that many law firms face, but also provides great benefits.

 

Challenges law firms are facing:
  • Lack of a standard processes and updated information around matters. A firm's inability to share information with the entire team in real-time causes problems, delays, and errors.
  • If the matter information is not updated in real-time then collaboration is quite difficult.
  • Difficulty, length, or lack of reporting on matters.
  • Opening new matters, managing existing matters and reporting on matter progress greatly reduces staff efficiency when there is not an automated system.
  • A decline of improvement in operational efficiently, technology advancements, and overall future growth goals of the company.
Benefits of a matter management system:
  • Provides one version of the truth; one central database.
  • Email and alerting integration give you access to automated notifications which not only reduces the number of manual emails, but also helps to make sure that you don't miss anything.
  • Improves visibility of matters and provides quick and easy access to what is doing well and what needs attention.
  • Reduces time spend gathering information and creating reports.
  • Improvement in productivity due to integration with other systems.
  • Provides more efficient matter collaboration across the firm.
  • Access to insightful analytical data and reporting integrated directly in the application.

To overcome the above challenges and take advantage of the benefits your firm needs a legal specific matter management platform. With all of the information and matter data in one place you get a comprehensive view of your firm to help you make better informed business decisions. Ultimately, firms have a lot to gain by implementing the right matter management solution. The right solution can help to be the foundation of efficient and innovative legal operations that provide law firms with tremendous value.

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BigSquare is the leading provider of Business Intelligence for law firms and professional service organizations.  We focus exclusively on law firm reporting, law firm BI, law firm profitability and law firm analytics.

Tags: Business Intelligence Legal BI law firm business intelligence matter management

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