Evaluating Staffing Models in a Crisis

Client success story originally shared on iridium-technology.com. Iridium Technology is now part of BigHand. Learn more here.

Problem: Southeastern-based law firm with nearly 200 attorneys needed to model a reduction in operating costs in response to impacts from the growing COVID-19 pandemic. It needed a tool to quickly model the possible impacts on the firm’operating results as it moved through the evolving crisis

Solution: The firm had previously implemented Iridium Technology, now part of BigHand's Budgeting and Forecasting module to automate the annual budgeting process in the firm. However, the forecast modelling component of the system was necessary to deploy to analyze the impact of cost restructuring in various scenarios. Its flexibility and reconfigurability enabled the firm to model COVID-related account budgeting, including employee travel expenses, and plan for future cost adjustments. 

Impact: The Budgeting and Forecasting module allowed the firm to quickly and efficiently prepare various models within hoursrather than the days or weeks it would have previously taken with Excel spreadsheets. By using these new models to make data-driven decisions, the firm minimized compensation reductions and discovered alternative means to mitigate the pandemic’s impact on firm operations. The ability to create models on the fly made a difficult time easier to manage. 

"The ease of the Budgeting and Forecasting product allowed us to quickly and efficiently prepare various models due to the COVID-19 crisis. Without this software, we would have spent hours and days developing. The ability to create versions on the fly made a difficult time easier to manage."

About BigHand Budgeting & Forecasting

BigHand Budgeting and Forecasting (formerly Intellistat) transforms law firm annual budgeting processes from a time-consuming chore to a highly productive mission. Its integration capabilities ensure timely management of budget-to-actual results. Budgeting and Forecasting enables firms to predict cash and accrual based revenue and simplify all aspects of budgeting and variance tracking within a firm.

Budgeting & Forecasting