The Challenge
A multi-office law firm faced the challenge of understanding the true profitability of several large institutional clients. They suspected that inefficiencies related to rates, realization, staffing, and overhead were negatively impacting their profitability. The firm needed a comprehensive analysis to identify these inefficiencies and develop strategies to address them.
The Solution
The law firm turned to PerformLaw for their expertise in data integration and business analytics. After considering several options, they chose PerformLaw due to their deep industry knowledge and proven track record in enhancing law firm performance. PerformLaw conducted a thorough analysis of the firm's billing realization, compensation, overhead costs, and attorney utilization across key clients. This data-driven approach allowed the firm to pinpoint specific inefficiencies and develop targeted strategies to address them.
The Results
The results were significant. By restructuring teams and improving staffing efficiency, the law firm saw a notable increase in client-level margins. PerformLaw's data-driven strategies empowered the firm to make informed decisions, leading to improved staffing efficiency and significantly higher profitability. Metrics showed that staffing efficiency and client-level margins both improved significantly, confirming the effectiveness of the solutions implemented.
