Legal Management System Blog

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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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What Tools Should Your New Financial Management System Come With?

When you are looking for a new legal and financial management system for your law firm, it’s important to be deliberate and thoughtful about what that system can actually do for you, the firm’s partners, associates, and staff. Choosing a system because it has one exciting feature may leave you with buyer’s remorse if you find out later the system doesn’t meet your needs.

Start the process by creating a list of “must-have” features to help improve your firm’s efficiency and cut down on time-consuming tasks. Here are six features our clients tell us are tools they don’t want to live without:

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5 Must-Have Reporting Functions for Firm Financial Management Systems

Efficiency and productivity often go hand-in-hand to help produce growth in firms. But many tasks you do on a day-to-day basis are time-consuming and unnecessary if you have the right tools and processes in place. John Boitnott writes in his article 7 Tasks You Do Every Day That Waste Time and Cost Your Business Money that one of the biggest culprits in draining productivity and efficiency is the time spent generating, tweaking and distributing unnecessary reports.

In the legal industry, part of the problem is that you’re not only generating unnecessary reports, but that you’re manually creating reports because your legal management system doesn’t have the necessary feature functionality needed to do the work.

As your firm moves from paper-based manual processes to a paperless financial management system, it’s a good time to re-evaluate the types of reports being generated and to question whether they are actually still necessary. When reports are needed, firms can use the following five reporting functions to help cut the time spent generating reports in half, giving you back valuable time for other tasks. Here are 5 must-have reporting functions in your firm’s financial management system:

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What's Killing Your Law Firm's Efficiency?

Running an efficient law firm matters; it can mean the difference between a successful firm and one that struggles to be profitable.

There are a lot of things that can hamper a law firm’s best efforts to be efficient, not the least of which involves having the right personnel in place and delegating responsibilities so non-revenue generating activities are handled by non-billable staff members. However, even if responsibilities are appropriately delegated and things on the personnel front are running like a finely-tuned machine, you may still have efficiency-killers lurking in the way your firm leverages and uses technology.

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