Iridium Technology Blog

Are your law firm’s budgeting and forecasting processes too much like pin the tail on the donkey, full of blind guesstimates, wishful targeting, and unpredictable results?  

This article reveals how to use modern automation to sharpen your vision with data-driven forecasts and hit the mark every time with precise budget management practices. See how to

Law firm pricing and partner compensation decisions produce two of the hardest-hitting impacts on your firm’s profitability. Can you evaluate the cost-effectiveness of your firm’s pricing strategies? And are your firm’s partner compensation decisions rewarding truly profitable actions?  

More law firms are finding the transparency to answer questions like these using an integrated financial analytics

Uncertain. Unpredictable. Volatile. These words describe the outlook of some law firm leaders since 2020, when the pandemic drove consumer and business digital adoption to advance five years forward in about eight weeks.
Prepared. Predictable. Profitable. That’s the outlook of firm leaders who leaned into the new era of legal innovation. Throughout 2020 and 2021,

Anywhere law firms apply technology, they streamline and speed up legal services. Law firm leaders no longer fear that technological efficiency will cut into billable hours and reduce income. They’ve seen that legal technology supports lawyers and enhances the delivery of legal services, enabling law firms to:  

  • Serve more clients as lawyers and staff reallocate

Many law firm leaders now look for timekeeping software that offers automated time tracking and time entry capabilities because the software autonomously pre-populates attorney timesheets more accurately than manual methods. Automation eliminates many error-prone, manual timekeeping tasks. As a result, it increases productivity, streamlines billing processes, increases revenue, and saves costs.

But when you need

Law firm CIOs don’t just modernize technology infrastructures; they drive profitable business results. Still, some reluctant CFOs may not yet recognize just how much a law firm’s ability to thrive today depends on how effectively its team members use technology. According to McKinsey’s most recent annual IT strategy survey:  

  • More than three-quarters of technology initiatives yielded cost reductions and employee experience improvements.  
  • For more than half of respondents, technology investments resulted in the creation of new revenue streams, and  
  • More than two-thirds also report increased revenue from existing streams. 

Law firm CFOs want to achieve

With the latest advancements that are now available in law firm timekeeping software, the legal profession’s long-required practice of relentlessly tracking every work-related activity can finally pay off ten-fold. Law firm leaders use today’s innovative law firm timekeeping software to open many windows into the firm’s relationships, with each time entry depicting the inner workings of multiple relationship endeavors. This new level of insight helps direct you in improving your law firm’s relationships in ways that optimize profitability. 

Timekeeping data: new perspectives

Want to raise your law firm performance and profitability? No problem! Just adopt new legal technology tools. That’s what all the hippest experts say.  

Yet, you’re the one left alone to swim through oceans of information about all the legal software and digital tools out there. The sheer number of options threatens to pull you under. And you certainly don’t want to call for help and get a bunch of overeager salespeople all worked up, do you?  

Let’s calm the overwhelm. Right now. You don’t have to go it alone, nor do you need an army of salespeople at your heels. Read on to discover three steps to start optimizing your law

How your law firm adopts new legal technology may be just as important as what software your firm chooses to implement.  

If your firm wasn’t motivated before, the pandemic proved that thriving in the 21st century requires improving your firm’s technological sophistication. In a recent survey, 8 out of 10 lawyers said the pandemic created an increased need for technology solutions, with 63% of law firms planning to increase their technology investment (up from 60% in 2020). At the same time, 82% of CIOs say the pandemic created a need to implement new

If you can identify and manage your law firm’s profitability variables, you can also find new ways to boost performance and profitability. For example, losing revenue to non-billable work always negatively impacts law firm profitability. You can’t completely eliminate administrative tasks, but you can optimize how your firm gets them done. 

Bloomberg Law found that senior billable hour lawyers work nearly 50% more hours than they bill. A recent State of Automation in Legal report by Zero found:  

  • 41% of fee

Not all heroes wear capes, right lawyers? For centuries, you’ve reliably answered client calls for rescue and steered companies safely out of mysterious and murky legal waters again and again. 

Unfortunately, this “hero” dynamic created a vast gulf between law firms and their clients. On one side of the chasm, a company’s strategic and daily operations unfold autonomously. On the other, lawyers work in an isolated “legal bubble”. 

The

Expectations for today’s law firm CFOs have evolved, with many new responsibilities landing outside traditional finance concerns. Using the right tools and tactics, CFOs can apply a keen set of analytical skills from a broad cross-organizational perspective to help their firm gain clear performance advantages.  

Proactive law firm CFOs quickly discover they are uniquely positioned to lead firm growth, profitability, and digital transformation. As a law firm CFO, here are three ways you can take

What would happen if everyone in your law firm – administrators, partners, and each and every timekeeper – felt personally responsible for increasing your law firm’s profitability?  

You’d tap into the full earning potential of every lawyer and employee in your firm! And your firm would continually build on its successes.  

How can you achieve this dynamic? Work toward creating a firmwide profit-centric culture that:  

  • promotes appreciation for using BI reporting and data

Can you ever return to feeling as if you’re safely making the most effective decisions possible about your firm’s future?  

We all know there are no guarantees. But we do tend to operate on what feels like generally safe assumptions, such as the belief that the entire world cannot shut down all at once. Yet, in 2020, the unthinkable happened. And now, law firm leaders everywhere are questioning the wisdom of long-held beliefs and looking for reliable ways to bolster decision-making processes. The good news is

We’re announcing an irrefutable truism in today’s digital world: Size no longer matters. Midsize law firms can now go head-to-head with larger rivals to win business in global markets.  

Historically, midsize law firms struggled to compete against more prominent, well-established firms with deep cash reserves to hire top-notch lawyers and abundant resources to overcome any obstacle. 

Today, technology has leveled the playing field. Legal financial analytics and automation tools provide breakthrough insights and game-changing efficiencies so your midsize firm can operate more nimbly and scale effectively to compete—and win—against Goliath firms.  

Legal financial analytics: Maximize your firm’s competitive advantages.  

Using modern BI and legal

Your star lawyers fuel your firm’s competitive advantage, so it is critical that they spend their time on the most impactful matters. In creating a profitability-centric culture, you build systems to pinpoint those matters and optimize additional strategies for increasing firm profitability, including accurately planning, pricing, and monitoring legal matters—all while raising attorney work-life satisfaction rates as you do.  

Creating an engaging, high-performance firm culture based on profitability is a multi-phase journey. Here are four steps to help you align your firm’s leadership toward developing a profit-centric culture that empowers your rising and shining legal stars to more profitable actions.  

1. Appreciate profitability markers beyond partner contribution numbers. 

At the core of a profit-focused culture lays a