Changing billing models is essential for law firms if they want to keep bringing in new clients. Unfortunately, this can be a difficult task. These alternative law firm business models are a new and drastic shift from the way things have been done for so long. Business intelligence tools can help your firm to seamlessly transition to a new business model. You can build multiple pricing scenarios for an engagement, and then evaluate the expected profitability of each scenario. Once the work has been kicked off, you can track the actual costs versus the budgeted cost, and take proactive steps if a matter is not tracking to the expected profitability. At Iridium Technology, now a part of BigHand we are proud to offer business intelligence tools that will easily track expenses and revenue, making it easier for your firm to move to the alternative fee structures your clients want.
About BigHand Business Intelligence
BigHand’s Legal Business Intelligence is the most advanced BI solution for law firms. It’s flexible, autonomous and source agnostic data warehouse solution, replaces manual law firm finance reporting with a real-time digital overview of your financial data. Specifically tailored for lawyers, finance and management teams, it strips the complexity away from the mountains of information you generate. The self-service tool gives users controlled access to the appropriate legal finance data which can be quickly and easily shown through any visualization tool of choice, including PowerBI.