There are a number of unique challenges associated with management information, business intelligence and data in the legal sector. Financial reporting from complex practice management systems such as Elite and Aderant is in itself a challenge, but with the additional burden of increased sales/marketing focus, customer profitability and global practice group and sector views, there is a need to engage with specialists both in the data and legal space.
Managing Partner, Chris Kwouk says “As many as half the top 20 law firms have invested significantly in reporting across the firm to differentiate themselves and get an edge in a competitive market. I believe it is only a matter of time before the rest take a leap of faith.”
Gathering information requirements and an aligned strategy from partners across the network globally and by practice requires a uniquely collaborative approach and strong expertise. Engagements would typically begin with an information strategy review or perhaps a review of an existing data warehouse or reporting system. Hot topics where reporting and business intelligence is key include:
- Partner performance
- Pricing strategy
- Sector & Work type cross-sell (in light of mergers)
- Client level planning & forecasting
- WIP management
- Bespoke client reporting