Financial Transparency for Law Firms

Financial Transparency to be Clear for Leading Law Firm

In the face of economic changes, traditional profitability models are being challenged, and more firms are looking to introduce data-driven business models to help maintain profitability.

In a recent BigHand report gathering 800 responses from senior legal finance roles, 92% of NA and 93% of UK firms confirmed they have now introduced data scientists, making it clear that more firms are making the shift towards a data-driven business model. 

Muckle LLP, a leading commercial law firm in Newcastle, UK, is looking to improve its financial reporting and retain a profitable operating model with BigHand Business Intelligence. Muckle LLP is set to go live with BigHand Business Intelligence to enhance the visibility of key financial and operational data to advance financial reporting.

Onboarding BigHand Business Intelligence plays an important role in the evolving digitisation journey for Muckle LLP. It comes at a time when more firms are looking to implement legal finance technology to drive a commercial culture.  

Andrew Black, Director of IT, explains:  “With our existing solution, we already deliver some rudimentary financial information to our lawyers. There are however some key financial metrics missing, which we will now be able to deliver through BigHand Business Intelligence to improve financial performance.”

Black continues, “Our team members do not want to be overloaded with information that’s not relevant to their role. With BigHand Business Intelligence, we have a modern, user-friendly platform that is highly customisable. This means that from the managing partner down, users will have access to the financial information that is most pertinent to their position at Muckle LLP.” 

BigHand Business Intelligence - powered by Iridium, is an advanced financial BI solution for law firms with role-based reporting that delivers the right financial data to the right person via intuitive dashboards. The flexible data warehouse replaces manual reporting with data visibility from the firm level to individual clients and matters. Self-service analytics provide controlled access to relevant metrics in any visualisation tool of choice. The solution empowers users to improve cash flow and profitability with immediate financial insight.

Black concludes, “With BigHand Business Intelligence, we have improved data visibility to help see which team members might need support delivering on targets. Having timely access to accurate financial information is vital for us to continue working as efficiently and profitably as possible whilst providing our clients with great value for money.”

Also read top viewed Ai Legal article: The Role of AI in Legal Research.

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Disclaimer:  The views and opinions expressed in this article do not necessarily reflect the official policy or position of Novum Learning or Legal Practice Intelligence (LPI). While every attempt has been made to ensure that the information in this article has been obtained from reliable sources, neither Novum Learning or LPI nor the author is responsible for any errors or omissions, or for the results obtained from the use of this information, as the content published here is for information purposes only. The article does not constitute a comprehensive or complete statement of the matters discussed or the law relating thereto and does not constitute professional and/or financial advice.

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