Big challenges? Make your law firm efficient with big data

Practice Insight published article

In today’s fast paced environment, many law firms are facing more business challenges than ever before, from pricing pressures, trying to obtain new business, retaining clients to improving operational efficiencies.

Trying to overcome these challenges without adding to a busy workload may seem impossible, or is it? Most often, law firms rely on traditional methods to solve these challenges using human resources, without realizing that the solutions can be easily found in using big data software. Lets’ take a closer look at the challenges and how to solve them using IP big data tools.

Pricing pressure and operational efficiency are inextricably linked, given time in legal services is often synonymous with money. But rather than look at resourcing or staffing costs, why not utilize time efficiency software like WiseTime. An automatic time tracking tool that shows law firms where time and task efficiencies can be made based on time tracking data insights. A recent WiseTime trial in a major law firm resulted in a sizable increase in billable hours from WiseTime automatically tracking their work time without any extra resourcing effort on the law firms side.

The challenges of accurate invoicing or trying to estimate how much time and effort a case will require can be easily overcome with a time intelligence tool like WiseTime. Designed by an IP lawyer for IP law firms. It runs automatically in the background, lawyers don’t have to waste time stop or starting it or trying to remember at a later date to enter data into it. WiseTime provides law firms with an accurate picture of much time has been spent on cases which results in insightful intelligence for strategic financial forecasting.

Furthermore with the use of IP big data tools such as Filing Analytics and Citation Eagle, a law firm can easily overcome the challenges of winning new business or trying to grow more business from existing clients. Filing Analytics and Citation Eagle were both developed in consultation with patent lawyers and licensing experts. With their first hand experience, the tools have been designed to quickly provide lawyers with the business intelligence they need to retain clients or grow their business.

Filing Analytics provides law firms with the latest IP business intelligence. It shows them exactly which corporations or law firms have tangible business opportunities available for them to obtain. No more wasting time knocking on the wrong doors for business opportunities.

Whereas Citation Eagle helps law firms protect their clients’ IP assets. Not only does it give law firms an effortless value add service that makes them stand out from their competitors. By actively protecting their client assets can in return, produce client loyalty and retention, not to mention further business opportunities for the law firms. The client may then engage the law firm to investigate the options further. It’s a win-win situation for the law firm and the client!

Oh and did we mention that law firms can trial all these tools is for free! Overcoming budget challenges has also just been solved! So, what are you waiting for? Make your law firm challenges a memory of the past.