Digital White Papers

November 2015: Business and Financial Management

publication of the International Legal Technology Association

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ILTA WHITE PAPER: NOVEMBER 2015 WWW.ILTANET.ORG 34 reports that adapt to changing business needs and appeal to different audiences. RULE THEM ALL All reports and insights should be accessible within personalized workspaces and be interactive to allow further discovery. Workspaces deliver data to and get input from anyone who directly interfaces with clients. A robust financial and matter management system can set up future kings to rule over their entire kingdoms. sizes. The mobile software should take advantage of mobile native operation system features, such as iOS, Android and Windows, and support access to business and practice information for data analysis and input for time entry and collaboration. The reporting and business intelligence module in an EBMS is crucial for law firms. With business needs in flux, firms need the ability to look into current operations. Robust reporting and analytic tools that can quickly turn business data into meaningful information at a glance will improve analysis and facilitate decision-making by providing rich insights into the law firm's various information streams. Standard reports must deliver real-time business intelligence data to the firm's managing committee and equity partners. Advanced reporting features should make it easy to modify or create new An EBMS delivers personalized workspaces or "views" for legal professionals and support staff that combine information and functions from the core platforms and third parties in one place. Workspaces can be a single point of entry for users where content and applications are delivered using granular policy management. But they need to be adaptable to new form factors such as tablets and phones to maximize design for these devices. Workspaces should bring together all tasks for the business from multiple systems and practice of law in one place that can be accessed on a desktop or mobile device. Workspaces should include KPIs for the user persona and, where applicable, personal performance measures based on previous performance and compared to other individual measures firmwide and within practice groups. A properly deployed workspace will give fee earners a full range of business management features from time slip entries to revenue management and provide practice tools, such as access to legal research and collaborative case management tools. From workspaces, lawyers should have quick access to accounts receivable, works in progress and rate realization to manage personal goals and proactively manage clients. No modern EBMS is complete without a mobile component. Legal professionals and staff should have a unified view of their workspace on the mobile device of their choice and ensure it is secure by design and optimized for these devices' screen ONCE AND FUTURE KINGS: FINANCIAL AND PRACTICE MANAGEMENT SYSTEMS TO RULE THEM ALL

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