This week Clocktimizer is looking at ‘Problems not Solutions’. No, we’re not mad. Odd as the title may seem, we hear many lawyers (rightly) complaining that legal tech often fails to actually solve the problems they purport to.
[It] is necessary is to talk to lawyers and understand how the practice of law actually works today. Not how you hope it works after you bring your “disruptive” product to market, but how it works on the ground today. Better yet, understand the WHY. Jon Tobin
At Clocktimizer we’ve spent a lot of time getting to understand lawyers’ problems. In fact, some of us used to be lawyers! So as part of our campaign we’ll be sharing content based around these challenges. This series of blogs will be looking at the ways lawyers use Clocktimizer to solve common problems. From reducing time spent reading narratives, to identifying efficiencies.
Understanding the business of law
So what’s the problem? Well, the world of legal services is becoming increasingly competitive. Clients are demanding more fixed fees, and greater transparency. Alternative Business Structures (ABS) and the Big Four are joining the market. With it they bring the rise of low cost, high volume cases. As a result law firms are having to rethink some of the ways they have approached the business of law. How do you commoditise processes? How do you identify efficiencies?
This is the dilemma facing decision makers. Often there is little data to rely upon to answer these questions. Financial information can only offer a portion of the picture. To fully understand how to make a business more profitable, or even to determine what innovation represents a good investment, you need to delve deeper. For this, Clocktimizer has built a number of business intelligence tools to help senior management.
Our business intelligence tools
Granularity is one of the key ways we combat a lack of insight for senior management. This means going beyond a simple look at recovery rates. Or comparing incomings and outgoings. By using natural language processing to read narratives we can identify the profitability on a range of different levels. Using Clocktimizer, you can identify which activities are sustainable for your firm, and which require streamlining. Accordingly, senior management can use a data driven approach to innovation. Once, say, due diligence has been identified as an unprofitable activity, a search for tools to improve this process can be prioritised.
“Clocktimizer has a clear and intuitive user interface and an innovative approach towards identifying activities in narratives. Clocktimizer is definitely worth exploring for any law firm that really wants to understand what’s going on in its business.” Mart van de Kerkhof, Allen & Overy
Our platform additionally offers tools designed to combat the complex task of succession management. It is often easy to understand the key senior players on a team. After all, they are usually the first point of call for clients. However, it can be more difficult to work out who else is crucial to a good client relationship. Too often, we realise this after they have left, taking important clients with them. To combat this issue, Clocktimizer has created the social graph. This visually plots the team members as they work on matters or with specific clients. The greater the number of connections to a team member, the more vital they are. So you can ensure you avoid losing your key talents.