BigHand collected data from over 800 responses from senior legal finance roles, Managing Partners, LPM and Finance Systems roles from law firms of 100+ lawyers in the UK and North America.
Key findings from the report:
The report shows the increasing issues firms face with evolving client expectations for greater matter visibility and flexible pricing. Firms must continue to focus on balancing clients’ expectations for close client collaboration and support a significant cultural shift to an expanded responsibility for profitability.
Investments in pricing teams and supporting pricing technology, although essential, should be coupled with process change that encourage their use. The combination of process improvements, investment in Matter Pricing technology and people give law firms the best chance at reducing their leakage and alleviating the concerns discussed in the report, Improving Client Engagement to Safeguard Profitability.
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A view into the importance of empowering lawyers with real-time, matter level information to maintain profitability in the face of rising costs and reducing demand: Findings from over 800 senior finance professionals in the UK and North America.