Law firms that have recently installed KPI dashboard management systems vary in size and the nature of work/clients they handle, but examples include: JMW, Lanyon Bowdler, Slater Heelis, Curry Popeck, Matthew Arnold & Baldwin, Fentons, Taylor Walton, Shepherd & Wedderburn and Horwich Farrelly to name just a few.
There are a number of suppliers of similar – but different solutions -designed to meet similar objectives. We can help you to explore the options and particular benefits of each in this critical area of management where many lawyers haven’t yet got a handle on what can he achieved – which can make it difficult to differentation the solutions, benefits and challenges.
Easy access to financial management information gives you the ability to proactively manage your practice and your people to improve the financial performance of your business quickly; also continue that improvement into the future.
The technology needed to automatically compile and display meaningful management information (fully integrated with your practice managment system) with “drill down” to detail and its implementation is probably not as expensive as you think. In any event, the financial returns from better and more proactive management of time and finances, can readily justify investing in one of these solutions through any combination of the following potential returns you can get, if implemented effectively:
- Record more billable time (relevant whether working on fixed fees to maximise profit)
- Generate higher revenue
- Prompt Earlier billing and payment
- Improve cashflow
- Reduce lockup – wip, unpaid bills and disbursements
- Better manage time spent on business development and management
- Manage write-offs more effectively
- More direct connection with performance appraisals
Most significantly, this easy access to real-time information helps your fee earners manage themselves and their own peformance more effectively. They can do this with “real time” information on the defined Key Performance Indicators that really matter to your people in each department, available on screen (constantly, if you want; or at one click of button), with the ability to drill deep into that information on screen if needed.
What matters and what is defined as “good” performance varies from one team to another depending on the nature of the work and the particular challenges in each area – but then all of this rolls up again to KPI’s for each office and the practice; again all available real time to the people authorised to see it – displayed graphically to get a clear overview, with drill down to get to the detail that has traditonally swamped lawyers.