Saving time, reducing errors and improving reporting turn-around

A Turnkey FP&A Solution for Finance in the Legal Practice

There’s no sustainable ROI in a splashy solution trying to serve too many masters, too hastily. Instead, if a small group of stakeholders sees the concrete benefits, and if a test case can lead to new processes that enable attorneys to improve efficiency or reduce cost, then that handful of willing leaders will observe the ROI and socialize the insights.

Introducing Analytics:
Unlocking Data Intelligence in Law Firms

In today’s competitive landscape, law firms face increasing pressure to boost revenue and profitability. Recognizing the potential of data intelligence, 54% of legal professionals have invested in additional legal tech over the past year. By harnessing tailored data technology solutions, firms can generate a massive return on investment (ROI) while overcoming organizational resistance.

However, the process of choosing and integrating the right analytics tools can be daunting. To navigate this technological black box, firms must determine their most critical data sources. These sources may include finance data, people data, client engagement data, internal team communications data, or other external sources. By identifying these key data sources, firms can pave the way for effective data intelligence capabilities.

One common misconception is that firms need to clean up their data entirely before utilizing advanced analytics. While data source health is undoubtedly crucial, firms should adopt a reverse-engineering mindset. They should start by defining a focused business question aligned with their strategic landscape. Whether it’s identifying organic client growth opportunities, evaluating cross-collaboration within a client network, or predicting clients at risk of decline, addressing specific business questions helps guide the data analytics process.

With clear business questions in mind, firms can develop hypotheses to test with their data. However, it’s essential to avoid overwhelming the process by trying to address too many questions simultaneously. Instead, focusing on one or two impactful business questions allows for early success and a smoother implementation. By prioritizing attention and firm data assets, firms can set the stage for efficient data intelligence.

Once key questions and hypotheses are established, the next step is data discovery. Firms need to determine which data sources are most important for answering their questions. This may involve assessing finance data, people data, client engagement data, internal team communications data, or other external sources. Evaluating the quality, completeness, consistency, and maturity of data sources provides valuable insights into their suitability.

Imperfect data sources should not hinder progress. Waiting for perfect data across the board can delay data analytics projects and overlook existing value. Firms can begin by measuring whatever data they have available, even if it’s not entirely clean. This approach allows them to understand the drivers of different business outcomes and extract powerful insights.

To become a data-driven law firm, creating a data-driven culture is crucial. Gaining buy-in from key stakeholders involves demonstrating actionable insights and tangible business impact. Showing how new technology can improve work lives is key to winning hearts and minds.

Scaling data-driven technology requires a thoughtful implementation strategy. Start with a small group of stakeholders who can consume the insights and create value. Their success stories will inspire others and pave the way for wider adoption. Engaging the firm’s systems owners, domain experts, and project sponsors ensures accurate interpretation of insights, support from senior leaders, and alignment with business context.

When rolling out data intelligence tools, firms should avoid excessive customization and prioritize stakeholder involvement from the early stages. Positive engagement is crucial for adoption and should be shared throughout the organization, creating a snowball effect of belief and trust in data’s value.

By embracing data intelligence, law firms can gain a competitive edge. The ongoing digital transformation and adoption of data technology have become critical. Early adopters of legal technology can enjoy significant advantages, such as fostering a more inclusive and diverse culture, identifying potential client attrition risk factors, improving team dynamics, and driving financial impact.

When implemented thoughtfully, data-driven analytics technologies dissolve cultural resistance, enhance competitiveness, and safeguard revenues from future volatility. By unlocking the power of analytics, law firms can embrace the future of legal practice.

Saving time, reducing errors and improving reporting turn-around​.

Leveraging our extensive experience collaborating with renowned industry leaders such as Vena, and widely recognized nameplates worldwide, we have honed the expertise required to develop a tailored FP&A reporting solution that precisely caters to the unique requirements of specialized industries. This accelerates the entire integration process, encompassing scoping, use-case development, training, and deployment.

Legal & Professional Services

    • Drawing on our extensive experience from working with global industry leaders in legal, we have gained the knowledge necessary to develop a tailored FP&A reporting solution that caters to the unique requirements of legal offices

Discover how we address typical implementation obstacles by achieving alignment

Stale Data

Without the real-time data, it limits the ability to identify and address your most problematic areas of practice or expenses that affect your organization's profitability.

Disconnected HR and Finance Systems

Disconnected systems reduce your efficiency levels, making it difficult for the Office of Finance to quickly uncover key metrics and insights about your personnel resources.

Long Deployment Times

Time is often wasted due to long deployment periods and costly implementation services as current solutions in the market may not fit the requirements of Law Firms and Professional Services.

WATCH OUR LEGAL WEBINAR & LEARN HOW LAW OFFICES STREAMLINE THEIR OPERATIONS

Join us to learn about the advantages of integrating your data sources for more efficient and effective planning, scenario modeling, financial and management reporting, and clear dashboarding.

Contact Us

Legal Office Financial Optimization

Our goal is to help your law firm grow and find areas of opportunities.  Our skilled consultants will help you get started by assessing your goals and current tools to create the best plan of action for you.

In the “Your Message” section, let us know your Finance team’s situation and any questions you may have!

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About ProLytics

ProLytics Consulting Group is a business and technology consulting firm specializing in the areas of Enterprise Performance Management and Financial Business Intelligence Analytics. Our team brings decades of successful implementation experience across industries and verticals. We understand and value that each company is unique. We are committed to working closely with customers to find and deliver value-added technology solutions that solve their one-of-a-kind challenges. Visit us at www.prolyticsgroup.com