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How much do you think your firm loses every year chasing multiple copies of the same spreadsheet? Paper-based systems are eating into your law firm’s profits – we've compiled some of the main problems faced - and how to solve them with an automated case management system - so you can stop the rot and help boost your partners’ productivity.
Siloed data – critical case data that is stored in disparate systems.
- Cannot be easily shared or used for reporting - making case management more difficult.- Requires manual effort to copy information between systems.- Increased risk of error when data is manually copied between systems.- Usually leads to duplicated, inaccurate data that affects good decision making.- Makes case management and progression more complex and costly.
Inefficiency and cost – a lack of automation increases case management costs:
- Manual intervention is required at every stage of the case management process to share or aggregate important statements, evidence and other data.
- Valuable time is spent chasing data from internal and external sources.
- Multiple license and support fees are required for each system used.- Paper records are much more liable to loss, misfiling, and potential breaches of compliance.- Using the wrong software, such as spreadsheets, limits the usefulness and accessibility of the firm’s data.
56% of users say consolidating spreadsheets is their most time-consuming chore. –Spreadsheets in the Enterprise – Ventana Research.
“The average time spent searching for information across all SMEs is 31 minutes. 86% of respondents spend up to two hours. On this basis, traditional filing is costing SMEs up to £11,000 per year.” – The Cost of Traditional Filing – YouGov Research.
All of these problems are caused by using the wrong solution for the job. Legal firms using paper-based systems, spreadsheets or even homemade solutions are going to feel these business pains even more acutely.
Replacing manual systems involves using a new automated solution. Legal firms should look to adopt a system that improves case management by:
- Centralizing data, making it easier to manage and report on cases, or to share workloads with other partners.- Providing a single version of the truth, with one definitive copy of all data that is less open to manual data errors.- Ensuring that case data is stored according to risk and compliance requirements.- Using end to end automation and pre-defined workflows that increase efficiencies and productivity within firms.- Simplifying operations, creating new efficiencies and cost savings, such as capturing more billable time by partners.- Reducing IT operations costs by allowing partners to work with several existing packages.
“The average “leakage,” that is, lawyers and other timekeepers failing to report all billable time, ranges from $20,000 to nearly $40,000 annually, per individual.” – Results of New Survey on Timekeeping – Adam Smith, Esq LLC Research.
"If nothing else, improving data quality will reduce your administration costs and will improve compliance and corporate governance." - Andreas Bitterer, Vice-President of Research with Meta Group.
Legal firms keen to improve profitability need to:
- Identify manual systems that are eroding margins.- Work to replace siloed systems with a centralized alternative.- Use automation to free partners to focus on billable tasks.- Investigate how a new, computerized system can reduce risk and boost compliance.
To learn more about how to start the process, click to view our infographic, or download your free copy of the Solutions Architect's guide: winning senior management support for yo....