Gauging Profitability in Contingency Matters

Client success story originally shared on Iridium Technology is now part of BigHand. Learn more here.

Problem: A Texas-based law firm with more than 100 attorneys was running one of the time-and-billing companies’ own BI/analytics modules but was not getting the support it needed. The firm also desired faster processing, unique customizations, and a higher quality cube. 

Solution: The firm implemented Iridium, now part of BigHand's BI Revenue and Profit modules, taking advantage of Iridium’s world-class support and customizability. Iridium’s tools offer complete flexibility, which allows the firm to fully customize based on their requirements, including custom profitability logic to allocate expenses and profits according to firm policy. 

Impact: In addition to providing a better understanding of revenue, expense, and profit, the sophistication and customization of Iridium, now part of BigHand’s tools allowed the firm to better understand the profitability of its contingency work. This makes it easier for the firm to price those matters and decide which cases are worthwhile. The firm is also able to gauge its profitability without including its higher risk, but higher reward, continency work. This allowed them to determine how much contingency work they can take on while maintaining an acceptable level of risk. 

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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