Finance Hacks Your Law Firm Needs Now

Blog post originally shared on Iridium Technology is now part of BigHand. Learn more here.

Today more than ever, law firms need Business Intelligence (BI) to improve and streamline decision making. Iridium Technology, now part of BigHand which works alongside leading practice management systems is leading the charge in providing BI solutions for law firms.  

Over the past decade, the practice management ecosystem has matured, and these providers have made it easy to snap in a high-quality BI solution. In fact, practice management systems are stronger and provide firms with more of a competitive advantage when used concurrently with BI solutions. Firms that develop and deploy third-party tools like Iridium, now part of BigHand to deliver essential information to end-users are distancing themselves from the competition. Their peers are left scratching their heads about how and why they lost business to another firm down the street.  

Here are three things that the savvy firms are doing today with third-party tools like Iridium that other firms are struggling to do with their homegrown systems.

  1. Delivering role-based dashboards. Democratizing your data and making the right information available to the right people every day helps to ensure that each team member knows how they are contributing to the success of your firm.
  2. Sending daily updates around billing and collection. Waiting for month-end reports prevents your team from acting quickly on critical information. 
  3. Leveraging historical matter outcomes when creating pricing and budget templates. Clients are demanding budgets. Stop fumbling around and start reusing accurate budgets built from the actual work done by your lawyers. Accurate budgets are critical to successful projects and customer loyalty.

Iridium Technology, now part of BigHand is a global enterprise with a foothold across North America, Europe, and Australia. As much as law firm financial professionals love Microsoft Excel, they recognize that delivering BI to the lawyers is essential for action. Firms that are keen on internal performance and long-term loyalty of their clients use Iridium Technology, now part of BigHand to optimize their insights and drive actionable behavior across their organizations.

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.

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