For law firms today, having access to accurate, real-time financial data is crucial to drive decision making, plan for the future and maximise profits.
But you can’t manage what you can’t see.
A recent BigHand survey proved that only 23% of law firm Partners have access to profitability data, which is impacting their ownership of the firm's financial performance.
Current processes and systems are making financial reporting slow and inaccurate for legal finance teams, who are spending too much time living in Excel.
At a time when client demands continue to grow and competition is at an all-time high, law firms need accurate, fast data analysis that provides one version of the truth when reporting across the firm in order to make data-driven decisions.
BigHand Business Intelligence, formerly Iridium BI, is a role-based reporting tool that delivers the right financial data to the right person in browser-based, self-served dashboards.
Management can view all the key financial KPI’s at a firm-wide level from total billable hours to the value of your working capital, including fees billed and fees collected.
Heads of department can instantly access key metrics around billings and realisation and can drill down into the data for insights, such as which clients and matters are causing aged working capital.
Partners and lawyers can get a clear snapshot of their performance against target and other peers in the firm including their time posting speed.
The data can be sliced and diced to show as much detail as needed, from firm-wide right down to individual matters and time entries.
With the daily insights tracker users can easily see overall financial performance of a particular timeframe including the time recorded, billable fees produced and how many new clients or new matters were opened.
The new business generation can also be drilled into to inform business decision making. From firm-wide analysis down to departments, clients and matter levels, key profitability metrics can be easily viewed including different sources of revenue, cost breakdown and overall profitability margins and leverage.
The tool also gives role-based access to financial statements and GL reporting for a clear overview of your firm's financial performance.
Users can easily keep track with useful alerts, including the ability to add commentary for extra billing insights.
The solution adds value to firms that have made large investments with their PMS systems by leveraging the vast amount of information stored in them with our many system integrations.
Legal finance teams no longer need to spend hours manipulating data using tools like Excel to deliver targeted and meaningful data to the wider business.
Instead, they can use that time to advise the firm on how best to manage the revenue cycle and increase profits and therefore build a culture of commercial awareness in the firm.
BigHand and Iridium Technology have merged to offer customers the best legal business intelligence solution on the market.
Make sure you join the many firms around the world benefitting from BigHand's intuitive business intelligence solution. Implementation is fast and painless with your customisations included.
So don't miss out - Get in touch today to access BigHand's BI.