Legal Management System Blog

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How Your Legal Management System Can Make Business Intelligence Reporting Easy

Implementing a legal management system for your law firm can provide a wealth of benefits to partners, administrative professionals, and everyone within the firm. Unfortunately, there isn’t a conventional standard for what functionality is included in a legal management system; some systems simply offer financial management tools, others include modules for client record-keeping, billing and more.

One of the benefits some top law firm enterprise software solutions provide is the ability to generate real-time, dynamic reports. By reporting and analyzing the business intelligence metrics your firm is already capturing, you’ll be squarely in the driver’s seat to make meaningful course corrections that can help your firm reach its goals.

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Defining Your Firm's KPIs to Gain Business Intelligence

“I don’t care how our firm is doing,” said no law firm partner, ever. Law firms are in business to help clients with their legal needs, but you’re also in business to make money and be successful. But if you are not looking at the right metrics to measure your success, you may find it difficult to reach your goals.

When you have a comprehensive view of your firm and its key performance indicators (KPIs) at your fingertips, you can help steer your firm in the right direction.

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BI Fundamentals - Metrics from Financial Data to Improve Firm Efficiency

 

The responsibility of for dealing with and tracking your firm’s financial numbers every day doesn’t fall only to the financial department. As a firm administrator, you also need to see and track billable hours, accounts receivable, accounts payable and more. All of the numbers your firm is already capturing can be a gold mine of information to help your firm grow strategically

When you are capturing the right information, and understand how key financial data metrics paint a picture of your firm’s profitability, you’ll be able to make sense of – and use- your business intelligence.

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Gaining Business Intelligence from Your Firm's Financial Data

As a busy law firm administrator, you already know staying on top of hours billed, managing expenses and monitoring profitability are all important tasks for your firm. However, if that is the extent of how your firm is currently using its financial data, your firm may be missing out on key business intelligence insights that can help position it for future growth. But how does business intelligence help improve your firm’s overall efficiency and performance?

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