Clients continue to demand reduced costs, accurate matter budgets, non-hourly pricing, and efficient legal project management. Many law firms struggle to meet these demands, resulting in lower profitability, decreased customer experience, and inability to retain and win new business.
Many law firms use spreadsheets for financial matter management, but as matters and requirements become more complex, spreadsheets quickly become an inefficient and unworkable solution. Law firms need solutions which rapidly deliver actionable data decreasing the burden on firm resources.
One Solution to Empower Teams to Transform Client Experience
To retain and win more business, firms need to be able to deliver matter plans that demonstrate an understanding of each client’s unique situation. Lawyers frequently scope matters based on their own experience, usually with a revenue-based mindset. This approach rejects data-driven decision making at the expense of firm profitability and retaining and winning more business.
Lawyers need to deliver matters on time & budget to keep their clients satisfied. They need to work with legal project management teams to monitor matter progress against budget. Because of the high workload, lawyers find it increasingly difficult to stay updated on their matters.
Law firms need to deliver informative reports to keep clients and internal stakeholders updated on matters. Clients get frustrated with the time it takes to generate reports, which are often outdated by the time they are delivered.
To win new business, manage current matters effectively, and remain profitable, law firms need to leverage their data into actionable insights. Using these insights, firms can prioritize profitability over revenue generation.
Prosperoware Umbria is our fourth-generation financial matter management platform, enabling in-depth financial matter management, including flexible planning & budgeting, multi-level alerting, dashboards & reporting, and profitability & BI. It is the most comprehensive matter management solution in the market, giving firms the ability to deliver matters at the expected scope and within budget.