Issue link: https://epubs.iltanet.org/i/30285
important tools: time and actionable information” “BI gives attorneys two Mark: BI increases collaboration and provides deeper insight on key performance indicators and metrics related to a given matter. Spotting an issue early in the cycle of a matter can create an open communication channel between a law firm and its client, and — with information derived from the business intelligence — firms can access how similar matters were previously managed to guide how they should be handled now and in the future. This lets both sides develop best practices, boost efficiencies and streamline policies; thus, improving the business relationship. John: Business intelligence brings a new level of project management to relationships between law firms and their corporate counsel clients. Everybody needs to manage tight budgets and have clear expectations about what’s being delivered, when it’s being delivered and how much it’s going to cost. If there’s agreement about all that upfront, and the 38 Financial Management ILTA White Paper agreement is monitored as the matter progresses with the use of BI information, then the client-firm relationship benefits. A high degree of project management can’t help but make for a better and long-range relationship between firm and client. How does an effective BI deployment help an attorney manage his book of business? John: It depends on how willing attorneys are to share information; to talk about some things that, traditionally, they’ve never talked about — specifically, what does an hour of their service cost to produce? Every firm is different in how they handle this, and it’s almost as unique as a fingerprint. Some firms are very strict about using this information only to look at clients. The fear, often, is that it will be used internally to ask timekeepers, lawyers or partners just how profitable they really are. Are they contributing not only at a top-line level, but also at a