“Practice and financial management systems are the most often left as is for as long as possible. No one wants to mess with the system that ensures we are paid for our work, as long as we are not leaving money on the table. Recent research suggests that the longer time it takes to get a bill out, the less likely it will be paid in full. Further analysis of attorney time entry practices identifies great opportunity to bill quicker and more accurately and get paid what you deserve. The trend for vendors to provide a full suite of legal operations services remains popular with emerging vendors in the space. We learned from the inconsistent quality and functionality of suite components of the past that one horse will probably not get us across the finish line. Niche players are important to those looking for competitive advantages. Sophisticated firms invest in best of breed products to handle critical operations, including document management, customer relationship management, budgeting and business intelligence. However, we mustn’t rest on conventional wisdom. Understanding what the new and re-invented players have to offer is the fiduciary duty of firm and corporate legal department leaders.
Here’s our first Practice Management Report Card to get you on the research path.”