publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/395170
Even when firms choose not to bill for specific items and activities, capturing and understanding true costs is critical for planning and strategic purposes. This information can also be used to improve relationships with clients, since firms can use these data to help clients understand the full extent of services they provide. Or the information can be used to help make the firm more efficient and profitable. Many firms already have the ability to capture this type of information but have not made a concerted effort to do so. Firms that do not track it need to explore whether they are lacking the technology infrastructure or the internal processes. Once captured, leveraging the information is the next step. By drilling down to find out what services are being provided and who is doing the work, firms can understand the full scope of their costs and expenses. This allows for a comprehensive view of the financial picture and helps firms make fully informed decisions about client rosters, which type of client the firm should be targeting and how profitable different practice areas truly are. Firms can also use the data to make smarter decisions about the hardware and software they use. Once they understand who is using which devices for specific activities, firms can determine whether they have enough scanners, printers and multifunction devices, or whether they have too many. They can also see whether the devices they have are being deployed properly, or whether some should be shifted to different areas or people. Firms can also determine whether they are outsourcing the right projects to facilities management providers, or if they should begin to consider such approaches. USE FACTS TO UNCOVER THE TRUTH Today's environment requires firms to be more flexible and focused on their clients' needs. While this might seem to contradict the idea of better cost accountability, the opposite is true. Law firms need this type of information more than ever to help them make sound business decisions and to remain competitive and responsive. ILTA WHITE PAPER: OCTOBER 2014 WWW.ILTANET.ORG 23 JUST THE FACTS: UNCOVERING COST RECOVERY DATA CATCH UP ON YOUR READING Did you miss one of our publications? Peer to Peer magazine and ILTA white papers are read by legal IT professionals more than any other publications. Don't miss out on the valuable information being read by your peers. peer to peer SUMMER 2014 Issue 2 Volume 30 Peer to Peer Magazine is the quarterly publication of the International Legal Technology Association. Find out more at iltanet.org. ILLUSTRATION BY THOMAS BOUCHER, ALL RIGHTS RESERVED FUSION = INNOVATION HOW TO ALIGN YOUR FIRM'S IT AND BUSINESS STRATEGIES 52 ALL EYES ARE ON THE TECHNOLOGY HORIZON EXCERPTED FROM ILTA'S LEGAL TECHNOLOGY FUTURE HORIZONS REPORT 46 FUTURE SCENARIOS FOR IT | MANAGING A VIRTUAL WORKFORCE | RETHINKING YOUR BUSINESS MODEL | BREATHING LIFE INTO INNOVATION | TEACHING TECHNOLOGY TO TOMORROW'S LAWYERS | AND MORE MAGAZINE LAW2020 Future Horizons PEER TO PEER MAGAZINE fi nd the latest issue at iltanet.org/p2p ILTA WHITE PAPERS read other white papers at iltanet.org/pubs