The world of legal services is getting competitive. The Big Five are moving in. Large firms can rely on their global presence bringing in high value work. Small firms can scale down costs and push for a very specific target audience. But what does this mean for the mid-sized firm? Squeezed at both ends of the market, it can be difficult to get ahead.
Building strong client relationships is often not the problem of the mid-sized firm. Rather, it is identifying where efficiency measures can be introduced. It is staying on top of budgets in a low cost, low impact way. It is having the right data, to make choices about fees, clients and activities without hiring a data scientist. At Clocktimizer we work with many mid sized firms for these very reasons. So, if you’re a Managing Partner in need of some peaceful sleep, here’s how Clocktimizer can help.
Are your rates too low?
Finding the right price point can be the difference between winning and losing a client. However, pricing for value has to be mutually beneficial. After all, it’s not good winning a bid only to bankrupt yourself completing it. To avoid this scenario, mid-sized firms need to be able to build and manage fee quotes from historical data. Since we aren’t all tech geniuses, it also needs to be easy to do, and easy to share with a client.
Clocktimizer’s nearest neighbour algorithm pulls together similar matters to build a data driven fee quote. With a few clicks you can tailor the quote to include only the work you will need to complete under the matter. You can even specify the seniority levels or which phase the work will be completed under. This detailed information means you can include the work your client most values, for a price your firm can deliver on.
Manage budgets without an LPM team
Most mid-sized firms don’t have huge project management teams. So how do you stay on budget? Indeed, is it possible to keep track of matters in a low cost, low-impact way? Fear not, Clocktimizer’s budget tracking features mean you never let a matter get out of hand again.
Budgets are incredibly easy to set up in Clocktimizer. If you have already made a fee arrangement, or have a template set up, you can simply click a button to turn these into a budget. Alternatively you can build your own bespoke budget. We know that budgets are built on more than just activities. So Clocktimizer allows your firm to decide what needs to be tracked. Do you want to stop a partner recording hours on a matter? We can track that. Do you want to only allow due diligence work in the first phase of a matter? We can track that. Clocktimizer allows completely bespoke budgets.
So how do you keep track of all this work without an LPM? Well, Clocktimizer also allows you to create tailored alerts. You can set up an alert, to come directly to your inbox, for anything you are tracking in your budget. If any out of scope work is assigned to a matter, you’ll know immediately. If you’ve used 75% of the third phase’s budget, you get an email. It’s super simple. Clocktimizer means you can manage matters at a fraction of the cost of a full time LPM.
Know where your firm excels, and where it doesn’t
Do you want to know which of your activities are the most profitable? To know whether a new piece of technology increases your recovery rate? Would you like to be able to pinpoint which clients are the most valuable? Many smaller firms fear that this sort of insight means you need to get a data analyst on board. Worse still, without this sort of information, you risk becoming unprofitable.
Clocktimizer’s Drilldown function can help. Our Drilldown is your firm’s data scientist. And you don’t have to be a tech whizz to use it. Compare a vast array of metrics, in easy to understand graphs. Clocktimizer can identify profitability on the activity, matter or client level. It can also identify high cost, low recovery activities. Would you like to increase cross selling opportunities? Clocktimizer can identify them. Most importantly, Clocktimizer can help you track your firm’s performance. Whether you invest in new technology, or change a process, Clocktimizer allows you to identify the effect of the change on your bottom line.
Clocktimizer integrates with a huge number of different time recording programs. Whether you use well known options like Aderant or Elite, or smaller time recorders like Clio, we can read an analyse your timecard data. You don’t even have to change the way you record your time. Our natural language processing reads the narratives.
We offer Clocktimizer on-premise or in the cloud. So if you don’t have a big group of servers, or IT staff, you can still take advantage of how we work. Get in touch below to book a demo and find out how Clocktimizer can help your firm get ahead of the competition.