Iridium Technology Blog

Latest from Iridium Technology Blog

A recent article by McKinsey & Company noted “43 percent of the 127 CFO respondents we recently surveyed cite the need to streamline their overall budgeting processes to react more quickly and efficiently. Meanwhile, 65 percent anticipate more use of rolling forecasts in 2021 and beyond.” As firms are squarely in the middle of the budgeting process for 2021, we’ve been addressing best practices for better budgets on our blog. In one of our recent posts, we addressed the four pillars upon which firm managers should be building their budgets: resources, revenue, operating expenses and capital expenditures. This time, we are…
When law firms get collaboration between lawyers and their clients right – that is, open clear communication—the rewards for both clients and the firm are impressive. Firms that recognise this understand that collaboration occurs at every stage of the client relationship and is vital right from the very outset of the relationship. Organisations are increasingly adopting formal procurement procedures when procuring legal services, which requires firms to have a clear strategy and approach when it comes to pricing legal services. In order for law firms to structure their services in a collaborative way, it is vital that access to clear…
Budgeting season is now upon us. In over a decade of experience serving law firms, we have noticed that firms are always looking to streamline their budgeting process and improve the quality of the final budget. In an effort to continue steering firms in the direction of building better budgets, our next two blog posts will be focused on budgeting and forecasting.  This first post covers the four pillars for effective budgeting and forecasting, and next time we will provide our top tricks to achieve a better outcome.  Four Pillars for Budgeting and Forecasting  Here are our four key pillars to ensure you create an effective budget.   Resources – First and foremost is resources. Whether it be personnel…
A perplexing, yet pervasive, trend in the legal industry is the end-of-year push for collections. Law firms are willing to wait until year end to even start thinking about collections. It’s like they wake up every October and realize they need the money.  It’s no secret how dangerous this is, even in good economic times. It can be hard for clients to remember the value of work done months prior and that can make them reluctant to pay. Waiting also gives leverage to clients, who know that law firms account on a cash basis and are likely to take a discount to get the account cleared.   A rare silver lining of COVID-19 is that it seems to be changing firms’ priorities and incentivizing them to collect…
Translating work undertaken into revenue as quickly as possible is vital to ensure your law firm’s financial success. Realization is one of a number of measures that can be used to analyze the decisions being made within your firm. Even a small uptick in realization levels can make a big difference when it comes to measuring your profits. A variety of factors can affect realization, so it’s important to determine which best reflects the scenario you are looking to measure. Here are three of the most commonly used measures: Standard Billing Realization (%) Standard Billing Realization measures the value of…
In our most recent blog post, we addressed a few examples of knowledge gaps that can impede law firms’ ability to understand their levels of profitability. It covered a few best practices that can help your firm collect the right data and make more informed decisions about clients and matters—and do so quickly. In this post, we will dive deeper into the information your firm should be tracking in real-time to potentially avoid painful decisions later, and the technology needed to provide the information.  Act Fast  Many law firms lack the necessary technology to react as quickly as they should in turbulent times. Four in ten circulate profitability data in hard copy, which makes the reports slow and expensive to deliver to attorneys working from home. Almost…
Ensuring lawyers are kept up-to-date on the latest details of their clients and matters is a vital aspect of any law firm’s financial success. There are three key components to keeping your lawyers updated: timely information, technology, and user-friendly data visualization to encourage high levels of adoption. Iridium BI can support your firm in this endeavour and help you to keep your lawyers informed in a variety of ways. The Overview The Overview dashboard is designed to provide each Working Attorney (or Fee Earner) in your firm with instant access to the information they need to meet or exceed their…
Throughout COVID-19, we at Iridium have worked to maintain our blog as a helpful, free resource for law firms to expand their knowledge of law firm profitability practices. Recently, we collaborated with our friends at LawVision to publish the second annual “Biggest Law Firm Profitability Survey Ever.” In our next two blog posts, we’ll share some of the critical findings from the survey, and what those findings mean for your firm. These insights address assumptions about demand and pricing, as well as conducting profitability analysis for greater transparency. As this survey was in the field in February – before the dramatic changes brought on by COVID-19 – we’ve also included some analysis of what the results mean in context of the pandemic.  We hope to stress the importance of looking at the events of this year as an opportunity to…
For law firms, cash flow is more critical now than ever before as many law firm clients are facing financial issues. Some clients have asked for extended terms, and some others have just slowed down payments. While some may be inclined to be especially understanding given COVID-19, having the big picture in mind is important in order to protect the firm. The following are some key indicators your firm should keep an eye on to retain strong cash flow and weather the storm.  Ongoing Tracking of Delinquency Data  Delinquency data is vital because, when managed, it can have an incredibly positive impact on cash flow. BI solutions are especially helpful for keeping related data all in the same place, which allows firm managers to focus on clients who are paying slower than they have historically. While your client’s cash flow may be out of your control, BI data can help firm managers identify red…
Legal time and billing systems, such as those built by Aderant and Elite, are great for tracking time, creating bills, and making standard reports. However, preparing and sending out bills is not enough, especially in these times. Clients are asking for discounts and demand is waning, so firms need more detailed profitability analysis than the standard reports from time-and-billing solutions provide.   Making sure you are collecting enough data, which is the domain of time-and-billing systems is only part of the challenge.  Ensuring your team has the tools to put that data to work is the rest. Firms that harvest actionable trend data have better control over their day-to-day expenses and a clearer view of profitability.   Billing Requires Deep Understanding—But Don’t Forget Cost  Billing data can serve as good measures for understanding basic revenue trends…
Law firms are traditional in their work environments. Most firm employees work in managed office spaces. The economic downturn and COVID-19 crisis, however, has forced firms to quickly adapt their operating structures to accommodate working from home. While most firms have adopted technology to facilitate remote work, there are still concerns about productivity. For firms that are already struggling with potentially sinking demand, keeping accurate metrics on timekeepers’ productivity is critical to overall service delivery and profitability. The following are some important considerations for getting the most out of a remote workforce, in order to maintain profitability. Timeliness of Bills…
Nearly three weeks into the COVID-19 pandemic, most lawyers are finally settled into their home workspaces ready to get to work. However, many signs point towards a recession, as the stock market and unemployment rate are breaking with nearly 10 years of positive trends. Firms are starting to have serious questions about how to respond after years of strong demand and getting a fast start on answering them through business intelligence can make all the difference.  Legal has always been billed as recession-proof, but on the inside, we know that the downturn means that the legal space is going to…
Today more than ever, law firms need Business Intelligence (BI) to improve and streamline decision making. Iridium Technology, which works alongside leading practice management systems, such as Aderant, Elite, SAP and Rippe, is leading the charge in providing BI solutions for law firms. Over the past decade, the practice management ecosystem has matured, and these providers have made it easy to snap in a high-quality BI solution. In fact, practice management systems are stronger and provide firms with more of a competitive advantage when used concurrently with BI solutions. Firms that develop and deploy third-party tools…
In the wake of the Coronavirus, most in-office workers are rapidly transitioning to working from home offices. While the transition may be one that your firm never expected to undertake, it isn’t impossible to make it successfully. At Iridium Technology, our team members have all been working from home for the last 10 years. Our CEO, Tom Jones, took a few minutes to share his top tips and processes for working from home to hopefully make your transition easier. Why and How Is Iridium Remote? When Iridium Technology was founded, Tom had set up as a one-man shop. There was…
It doesn’t take a C-suite executive to understand that profit is simply revenue less costs, but it takes great leadership, knowledge, and execution to maximize profits in a law firm. Many turn to cutting expenses as a short-term method for improving financials, but you can’t save your way to long-term prosperity. Most firms try to increase revenue by focusing on billing more hours, but savvy firms recognize that, no matter how many hours their lawyers bill there are some simple tactics for maximizing revenue. Business intelligence and analytics solutions reveal those opportunities to law firm management and help them improve…
How do we keep the wheels turning in our law practice? Good leaders find ways to keep their team motivated and focused on the task at hand. Business intelligence enables leaders to leverage law firm metrics to motivate their team members through collaboration and trackable progress.  Here’s how: Creating Quantifiable Common Goals Clear, common goals can bring a team together, as well as increase law firm profitability and productivity through unity. However, not all goals are the same. Typical law firm objectives (e.g., winning a case, pushing a deal through, etc.) have delayed outcomes that make progress difficult to track. Moreover, the…