Clients are demanding more from their law firms than ever before – and are prepared to take their business elsewhere if they don’t get it. And it’s not only more flexible pricing options and cost-transparency they’re after. A staggering 85% of firms say they have received greater pressure from clients in the last year to resource matters with diversity in mind*. Timecard data plays a pivotal role in tracking matter progress. Better visualizing this data can make inefficiencies and inconsistencies in how you price and staff your matters much easier to spot – helping you to protect profits by meeting escalating client demands.
With better timecard analysis, law firm management can:
Attract and retain talent. Using data to identify career gaps and support pathways to equity partnership can help retain skilled employees and attract talent that will provide the best service to clients.
Align resourcing with DEI goals, including equity in work allocation. Clients expect – and often require – diverse teams and evidence of meaningful progress towards equity in the legal profession. To meet client expectations, it is important to identify any inequity in the allocation of career advancing and improve on areas needed.
Price more accurately. BigHand Impact Analytics uses award winning, AI-enabled technology to bring consistency and accuracy to timecard coding and unlock reliable insight into costs.
Here’s what leading industry experts are saying on this topic:
The solution helps firms surface critical insights that demonstrate value through award-winning, AI-enabled timecard analysis. This is done across firms billing information, Diversity, Equity, and Inclusion (DEI) data, and lawyer resourcing. Here are some of the big benefits:
Data Quality: Impact Analytics’ award-winning technology converts dirty billing data into actionable insights and identifies opportunities for improvement in data hygiene.
Profitability: Reliable data enables project and profitability management and provides a deeper understanding of resourcing, costs, and value delivery.
Diversity, Equity, and Inclusion: Impact Analytics allows lawyers and legal professionals to quickly spot inequity in the allocation of career-advancing work and intervene to advance the career paths of lawyers.
Here's BigHand Impact Analytics in action:
But don’t just take our word for it here’s what some of our customers said once they’ve implemented Impact Analytics:
20% increase in realization for multimillion dollar engagement
$3M in cost savings in single practice area of Fortune 500 client
Innovative activity-collared portfolio pricing deals resulting in $8M in savings per year
14% increase in career advancing work attributable to diverse attorneys along with effective succession planning discussions that created pathways to equity partnership
Substantial rate increase granted during a client rate freeze by delineating Impact Analytics-supported value story
"The experts at Digitory Legal [now BigHand Impact Analytics] were advanced in their insights into our guidelines and data. They quickly showed how using clean time-entry data leads to more than just adjustment savings. It becomes a foundation for managing all aspects of a case: cost, quality, and diversity."
Greg Kaple, Sr. Director Legal Business Services, Kaiser Foundation Health Plan
BigHand Impact Analytics gives us something more actionable. When you’re thinking about how you impact DEI change, being able to evaluate the kind of work that people are getting, make sure that it’s distributed equitably amongst all the attorneys, and everybody is getting the same types of opportunities is something that we will now be able to affect.
Renee Morris, Sr. Director of Business Intelligence and Data Analytics