Unlocking Profitability Through Advanced Data Analytics

The Challenge

A significant client faced the challenge of understanding true client and matter profitability beyond what standard financial reports could offer. They needed to validate their strategic assumptions with objective data analysis, particularly regarding rates, realization, workload distribution, and overhead allocations.

The Solution

The client turned to PerformLaw for a solution. Discovering PerformLaw's advanced data analytics capabilities, they decided to integrate information from their time, billing, accounting, payroll, and case management systems. This integration provided comprehensive profitability analyses. The client considered other solutions but ultimately chose PerformLaw due to its specialized experience in legal practice management and data-driven decision-making. By adopting PerformLaw’s advanced analytics, the client could make more informed decisions, leading to practical and actionable strategies.

The Results

After implementing PerformLaw's data analytics solutions, the client saw substantial improvements in profitability and strategic decision-making. They introduced modest rate increases, strategically adjusted staffing on key matters, and adopted a new firm-wide overhead allocation system. These enhancements led to increased profitability and a more informed approach to strategic planning.