Finance Hacks Your Law Firm Needs Now

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 like Iridium to deliver essential information to end-users are distancing themselves from the competition. Their peers are left scratching their heads about how and why they lost business to another firm down the street.  

Here are three things that the savvy firms are doing today with third-party tools like Iridium that other firms are struggling to do with their homegrown systems.

  1. Delivering role-based dashboards. Democratizing your data and making the right information available to the right people every day helps to ensure that each team member knows how they are contributing to the success of your firm.
  2. Sending daily updates around billing and collection.  Waiting for month-end reports prevents your team from acting quickly on critical information. 
  3. Leveraging historical matter outcomes when creating pricing and budget templates. Clients are demanding budgets. Stop fumbling around and start reusing accurate budgets built from the actual work done by your lawyers. Accurate budgets are critical to successful projects and customer loyalty.

Iridium Technology is a global enterprise with a foothold across North America, Europe, and Australia. Over 250 law firms call on Iridium Technology to support their financial functions by delivering self-service dashboards and robust analytical tools to develop forward-looking strategies. As much as law firm financial professionals love Microsoft Excel, they recognize that delivering BI to the lawyers is essential for action.  Firms that are keen on internal performance and long-term loyalty of their clients use Iridium Technology to optimize their insights and drive actionable behavior across their organizations.

If you want to see a demo of the Iridium BI platform, click here.

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