Do your business processes work for you or against you?
Last Updated Thursday, June 15, 2017
Discover how workflow management software can help you to get a 360º view of your law firm’s business processes with our new infographic.
Law firms need to be agile if they are to stay ahead of the competition. Having a 360º degree view is essential to this…... and workflow management software can help.
Law firms must be both fast and agile to survive and thrive in today’s competitive business environment. Transparency and all-round vision is key.
Top law firms have:
Recorded their highest ever average net profit margin of 40 percent.
Improved profit per equity partner, exceeding the £1m barrier.
Seen fee income per chargeable hour fall by 8.1 percent.
Witnessed a gap of 9-12 percent between target hours and actual hours recorded.
Highlighted “improved profitability” as an area of focus.
To gain 360º vision and compete with top firms, partners must know how all cases are progressing at any time. This can be accomplished through a cohesive workflow management software system, which is more efficient than monitoring every case manually.
A well-rounded understanding of business performance will ultimately lead to a more profitable business.
Partners in law firms need to understand:
Where all current case information is stored, physically and digitally.
Whether digital information is accessible to everyone in the firm in alignment with user permissions.
How long it takes to compile critical information needed for case preparation.
Percentage of time that employees spend on billable tasks.
How information on billable hours is fed into their accounting system for each case.
Whether there is potential for shared learning across different cases.
Automated workflow management software makes this whole process quick and easy, transparent, standardized and accessible.
As a result:
Profitability can be measured.
Knowledge can be shared.
Efficiency can be increased.
Discover other ways software can help to improve your business journey by downloading: Automate your way through business change: Improve client retention with BPM.