Find out how Stoel Rives has driven a culture of financial productivity and high performance, following the roll out of BigHand Business Intelligence solution.
Read the full case study to find out how Stoel Rives is driving high performance with BigHand Business Intelligence.
A leading US law firm with an international client base Stoel Rives prides itself on its client service philosophy. To help support a culture of efficient and high performance, the law firm was keen to provide its lawyers with a visual and flexible financial reporting platform to provide key financial metrics relevant to each role that would help drive business decision-making.
The law firms successfully adopted BigHand business intelligence to provide role-based reporting that delivers the right financial data to the right person via intuitive dashboards. This replaces manual reporting with real-time data visibility of key metrics such as billable hours, cost breakdowns and profit margins from firm level to individual clients and matters. Stoel Rives CFO Cecy Graf explains,
“Providing client value is the external driver we're always striving towards. But without the internal KPIs to measure ourselves and ensure that we're making the most effective use of our time and resources. It's very difficult to quantify success and hence a challenge to relay that to our clients.”
Stoel Rives rolled out its matter management dashboard in BigHand BI firm-wide. The dashboard encouraged timekeepers to adopt a best practice approach to be consulted every time they undertake a performance review. Graf said,
“Using the matter management dashboard, we were able to make sure that even in a remote working environment we had full visibility of the key financial metrics across all matters both to help maximize client value, but also to help ensure staff could see how they were contributing to the overall performance of the business. In tandem with the matter management tool.”
Stoel Rives also maintains a Financial Dashboard which monitors utilization inventory levels, elections, Billings, etc.
“I genuinely believe that BigHand added significantly to our success last year, we were able to demonstrate a better leverage model than the industry average while also exceeding our revenue target.” Graf concluded.