Issue link: https://epubs.iltanet.org/i/30285
Josh Bignell: I agree, and this type of information is increasingly being requested in the form of attorney- centric dashboards and portals — executive summary dashboards and centralized reporting portals. Culturally, firms are evolving to more of a self-service environment, which empowers attorneys to more effectively manage their book of business and enables firm management to make more educated and timely decisions that ultimately affect the firm’s viability in the marketplace…now and into the future. Mark Poag: Depending on their function, consumers typically look at BI information either for operational or strategic insight. Administrative staff members use it to support the needs of attorneys and partners by providing planning reports, managing case loads, monitoring deadlines and accurately handling and tracking key details related to a matter. Inhouse counsel and firm partners use BI in a more strategic manner, such as reviewing historical data to mitigate overall risk exposure as it relates to managing their cases or recurring trends, and using BI dashboards to monitor key performance indicators (or KPIs) including budget adherence. How can BI capabilities help a law firm or department improve efficiencies and develop best practices? Mark: With BI information, organizations can assess overall legal needs and priorities so that specific considerations or areas for improvement can be clearly identified and best practices developed. In the case of a single matter, BI provides attorneys access to actionable data points — average timekeeper rate by vertical or geography, for example — that help them make the right decisions at the right time. John: BI data can be extremely valuable both in looking at existing relationships to be sure the firm is managing a reasonable level of profitability, and when tracking new clients and proactively looking at the arrangement at the get-go to determine whether it makes sense for all parties. Josh: Firms should create a self-serve environment that acts as a repository for all the firm’s critical reporting and BI information. A properly deployed BI solution allows members to spend less time accessing data and more time analyzing and interpreting it. Best practices are usually put in place in tandem with the BI implementation because, by its very nature, BI provides an ideal opportunity to evaluate and remodel underlying processes that ultimately dictate the integrity of the resulting information. Can business intelligence enhance relationships between firms and their clients? Josh: Absolutely! BI can expose cross-selling opportunities with existing clients, which enables the firm to more fully service their needs. BI also allows proactive pricing in accordance with a client’s historical trends and current and/or anticipated economic conditions. This improves the relationship between the firm and their client because they’re more in-tune to the client’s needs. www.iltanet.org Financial Management 37