Applying Analytics to Improve Performance in Law Firms

This is the transcript of a Webinar hosted by InetSoft on the topic of "Applying Analytics to Improve Performance in Law Firms" The moderator is Mark Flaherty, CMO at InetSoft.

The subject of this presentation has to do with applying analytics in a law firm to improve performance. We like analytics-driven organizations. These organizations are distinguished by their ability to leverage all information, all perspectives for all the people in the organization and across all their different decisions.

The bottom line is that if decisions being made in the organization are backed up by analytics, provided by the data assets you already have, you are more likely to make better decisions, and the better decisions lead to better performance. The more broadly you use that kind of an approach, the more value your organization receives from your analytics, and the more likely you are to outperform your peers.

Now analytics solutions are particularly good at helping organizations optimize their performance and transform themselves into analytics-driven organizations. At a simple level, you can think of an organization that plans what they wish to do, carries out their plan, reports against their progress and then looks for discrepancies and then makes alignments, correcting for changes in the business environment or internal organization or whatever happens.

Forces are acting on the organization. They apply that back to their plan, make new targets and repeat the cycle again and again. InetSoft helps by providing analytics of all different flavors, reporting, analysis, predictive analytics and more, that helps organizations do a better job of going through this cycle and making themselves more effective.

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As a particularly good example of this, we are now going to pass the baton to Ron who is going to tell us about his experiences and his law firm, a customer of InetSoft’s, which has chosen to remain anonymous for the purpose of this public presentation.

Ron, over to you. Ron: Thanks, Mark. Thanks for giving me the opportunity to talk about our experience delivering BI in our law firm. I thought I would just start off first by telling you a little bit about my firm. We have got about 150 partners. We have got offices throughout APAC. Our turnover is about 300 million. Our client base are large enterprises. We have got a lot of energy and resources clients, banking, do some government work, the Department of Defense and that kind of thing. That’s pretty much our law firm.

I wanted to start off with a slide on issues and challenges. This is a good slide, I think, first to put up there. In our market, we found that it’s a very mature market with limited growth potential apart from taking market share from our competitors.

So a couple of years ago, we were looking at, as most law firms around the world have been doing, looking at Asia as a growth segment. So that was one challenge that we had. The other thing that we were looking to do was to merge with a U.S. or the U.K-based. law firms. So those were our challenges first.

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The other thing was that around December a lot of issues and challenges came up. We had a structure that was quite a complex management structure with large groups and small groups, quite diverse sizes of groups. And also, our shareholders come to work each day, the 150 partners.

One of the challenges for us is that the partners are very passionate about the law. They are passionate about doing the deals. And typically, they see management of the firm or the business as someone else’s problem. That’s management’s problem, and they don’t necessarily see themselves as part of management.

So what we wanted to do was try and get a structure there that they started to take some more ownership of the day-to-day management of the business and get involved in it because they are there every day. What that led to was in October, we announced our intention to merge with a U.K. based law firm called Donnelly and Flynn. At the time, we were called Reed Johnson.

In March, we changed our name to Donnelly and Flynn. At the same time, we then started on our project to say what we want our firm to look like when we merged formally. We wanted a growth strategy. We wanted to improve our profitability. One of the things we wanted to do to achieve that was to restructure management of our firm.

Next: Reviewing Law Firm KPIs