BigHand, a leading provider of legal resource management and pricing and profitability tools, is partnering with Digitory Legal, a leading provider of technology enabled data analytics software and services. The partnership supports law firms in achieving enhanced data transparency for profit-led pricing decisions, EDI initiatives, and the equitable distribution of work among lawyers and staff.
For years, law firms have produced poor billing and resourcing data that’s unstructured and incorrectly coded, as well as often operating without the right tools to analyze historical data or use it to inform future decisions. In these scenarios, finance teams and attorneys are left unable to provide accurate budgets to clients, which has resulted in increased rate compression, excessive billing guidelines, and firms struggling with matter pricing, budgeting, and ultimately, profitability. On the resourcing side, firms traditionally have very limited data on the work being done, by who, and whether it’s career-enhancing or aligned with their skills or development goals.
While BigHand’s solutions surface firm data and vital KPIs to guide pricing and resourcing decisions, it pulls from data that’s already available in the firm. With Digitory’s AI-enabled data analytics platform, firms can transform their unstructured (or poorly structured) historical data and turn it into “actionable data” at a task-level, which is well labeled, accurately and consistently coded, and connected to context. This removes the barrier for any firm looking to boost profitability or meet resourcing and EDI initiatives, delivering the right level and quality of data for BigHand’s tools to surface into innovative, end-user dashboards.
“As a former litigation partner, I know how time consuming it can be to work through historical data to get it to a place where it’s actually valuable.” Comments Digitory’s Founder, Catherine Krow. “Additionally, law firm data is rarely granular enough to provide critical insight into the matter scope, or, the “whys” behind the numbers. We solve these problems by combining our experience with cutting-edge technology that can transform unstructured data into decision-grade insight.”
Rob Stote, Managing Director of Pricing and Profitability at BigHand adds, “The ability to combine structured and unstructured data when making pricing and staffing decisions allows business professionals to engage in more substantive conversation with partners and clients alike, secure in the knowledge that all relevant data points have been considered.”
The BigHand and Digitory offering is unique in delivering robust structured and unstructured legal data analysis when pricing and budgeting for reduced risk, effective and inclusive resourcing and increased profitability. BigHand’s Resource Management solution enables firms to a take proactive data-driven approach to improving overall resource allocation and ensure an equitable opportunity for career enhancing work among their attorneys.
Through technology, insight and experience, BigHand delivers success for the future by helping law firms achieve professional productivity and profitability. The leading software technology company has developed a range of solutions from workflow and resource management, document creation, matter pricing, intuitive reporting and analytics, that help busy people achieve more in less time and organizations become more efficient and profitable. BigHand has over 545,000 software licenses in use across 3,000 organizations globally. It actively listens and responds to client needs, demonstrated in its outstanding customer satisfaction score of 98%.
Digitory Legal is an award-winning cost analytics platform and service that brings data - driven practice management to law. Digitory’s proprietary AI and UTBMS+ methodology transforms billing data into actionable insight for both buyers and sellers of legal services delivering granular, accurately-coded data that is connected to context. With this decision-grade information, Digitory is bringing innovative pricing models, increased profitability, unprecedented cost transparency, and next-generation matter management to the legal market. Digitory is committed to driving diversity across the legal industry. Digitory’s analytics allows law firms to develop work allocation metrics that deliver real change in the industry.