The legal landscape is evolving, harnessing the power of real-time data visibility is not just a strategy, but a lifeline for law firms facing declining demand and rising costs. BigHand’s latest market insights confirm 3 out of 4 firms globally have seen a decrease in demand in the past year and expect it to continue into the next. To remain competitive, firms must strategically tackle changing staff structures, equitable work allocation, and client cost-consciousness. Top priorities include:
- Solving hybrid work inefficiencies like lack of visibility into workloads and skills
- Improving working capital and reducing profit leakage with better financial reporting
- Leveraging data insights on matter sourcing, staffing, and pricing to enable cost-effective work assignment and demonstrate transparency to clients
- Using data to improve staff pricing knowledge and address profit leakage beyond just increasing billable hours
Harnessing real-time data is crucial for law firms to overcome current challenges and remain competitive in this evolving landscape. Learn more by filling out the form .