Top Takeaways from Sandpiper’s Profitability, Pricing and Data Analytics Midwest Conference

Last week, law firm leaders across the US met to discuss key topics and trends in legal pricing, profitability and the effective use of data at Sandpiper’s latest virtual conference. Rob Stote, Managing Director of BigHand’s Profitability Products joined the panel 3: “Using Data Analytics in a Pandemic Landscape and Beyond COVID”. Here are his key takeaways:

  • Data collection and law firm data analysis is no longer down to IT and has quickly become a firm-wide strategic focus.

“We’re seeing renewed focus on data when firms are choosing vendors and software solutions. Access to data is no longer solely in the IT teams’ remit, which means that no code and low code systems are increasingly popular, like our legal pricing tool and legal BI solution. Many more people across many more departments need access to law firm data analytics in order to meet their strategic business objectives, and as a result, legal software solutions must make surface data in a way that’s easily accessible and easily actionable.”   

  • Management teams are using data to manage every aspect of their business from staffing and measuring performance, demonstrating client value, improving efficiencies and communication, managing risk and mitigating loss.

“Law firm leadership are expected to have access to, and understand, more complex data than ever before. There has been a distinct shift to law firms using data to analyze much more than just financial performance, implementing tools like BigHand Workflow and Resource Management systems to drive informed decision making around staffing, DEI initiatives, back-office reorganizations, team efficiency and more.”

  • The ultimate goal is that law firms are able to see more than just numbers, and instead access a clear picture of their interactions with each client, the value of the relationship, and use a 360-approach to make smarter decisions about future engagements.

“Having high quality, self-service law firm reporting on data around client engagements is extremely important for any firm wanting to service their clients in the most effective and meaningful way. Good data helps the firm anticipate client needs, which builds trust and helps create a common understanding between both the client and firm. Further, visibility of all the touchpoints the firm has enables better determinations in many areas including the expectation on diversity in staffing, acceptance of work, health of the client relationship, and any risk factors that would impact the ongoing relationship.”

  • Firms must now have a data strategy and end goals clearly in mind; they can start small, but they must grow quickly.

“Strategy – and this seems obvious – is crucial. With many systems to uncover rich and useful data, having a vision of how and where it will be used is a key to successfully measuring deliverables, both financial and non-financial. Without a proper strategy, the firm runs the risk of being overwhelmed, or worse producing information that the Partnership will not have confidence in. Once firms transition to a data-led approach, it’s important that this is rolled out quickly to encourage wide-adoption of the new mindset.”

Learn more about BigHand Matter Pricing and Business Intelligence tools.