To understand the subject better let me ask few questions about your law firm:

1. Do you have an idea, how many new matters the law firm has opened last month?

2. What’s the number and value of Invoices the firm has created, and the amount received?

If you have the figures related to the above queries at your fingertips, then only you’re dealing with the healthy operations at your law firm.

Honestly speaking in our experience we’ve seen many times law firm takes even up to 1 week to get this information. If it’s so, this clearly indicates the lack of processes at your law firm.

For any law firm, the very first step to begin the process is to have the matter management.

Let’s first understand “What is a Matter Management?”

A legal matter management system is a consolidated platform for recording, monitoring, and analysing client data. This data could be the matters, timesheet, expenses, invoices, documents, notes, appointments, and a lot more things.

Let me now take you through the top 5 reasons why your organisation should implement a matter management system.

1. Efficient Operations
   Like any other organization on a high level a law firm as well deals with the following assets:
   • Human Assets (people)
   • Financial Assets (money)
   • Physical Assets (computers, other office hardware etc.)

   By means of an efficient process, the first and foremost requirement is to have the data related to the above assets available for the purpose of information, delivery and decision making.

   In the last decade, there is a significant shift from the conventional way of operations which was including lots of physical files and cabinets etc. to software.

   An effective operation is an inherent feature that any matter management brings for your law firm. This not only helps to save your data but also retrieve and analyse it 

2. Process Implementation
   The process is something that is considered as an extra burden or should be done only when an organisation grows. But the fact is, the process is a catalyst to scale any law firm.
   Process = Productivity + Growth

   In our experience, we often see the situation where law firms are not able to create the Invoices or the matters just because the reason the person who’s been doing it is on leave or some other silly reasons. If you also encounter such situations at your law firm, means it’s the time to implement the processes. The process is something that makes you people independent.

   Ideal matter management acts as processing machinery for your law firm.

3. Efficient Collaboration & Enhanced Productivity
   Having an effective collaboration can be proven to be an added brownie factor in today’s workplace. The most obvious reason is that it leads to the firm’s operational excellence.

   To make you believe this, let me throw some statistics to you:

   • Firms that encourage collaborative working have been found to be 5 times more productive.
   • Employees who work in a collaborative atmosphere stay on task for 64 percent longer than those who work alone, with higher levels of engagement, lower fatigue, and a higher success rate.

   To summarise the preceding point, a firm’s productivity is directly influenced by how effective its collaboration is.

   And to have an efficient collaboration Matter Management is the best aid.

   Particularly for the law firms that require a chain of duties to be accomplished linked to a certain client, matter management can be proven to be a definitive answer to all the questions about employee effectiveness.

4. Avoid Revenue Leakage & Data Security
   Revenue Leakage, let me justify it let me present a case study/ research.

   Most law firms fail to bill 40% of their matters in an FY.
   Meaning, out of your 100 matters 40 remains unbilled.

   Hard to believe? I know, it might look like I’m exaggerating it. But it’s the truth.

   To believe, why don’t you do one thing? Check how many matters you opened in your last FY and how much of it you’ve billed.

   Let’s keep it short and crisp only. Your answer to the above questions could answer you so well about the revenue leakage at your law firm.

   Data Security:
   Data security is one of the most crucial elements for any client while adopting any technology so that the data that a company creates, collects, stores, and exchanges is its most valuable asset, and it must be secured from corruption and security breaches to protect the company from financial losses, reputation damage, consumer confidence erosion, and ultimately brand erosion.

   Hence, in the need of hours, investing in matter management and adopting technology would surely prove to be a golden feather in your hat and would keep your firm on pace with the market.

5. Enhanced Client Satisfaction
   Legal firms are now subject to the same competitive pressures as other businesses, and lawyers cannot think in the same manner they did twenty years ago. Globalization has increased competition in the legal profession, international law firms are expanding their market, due to increasing access to information, clients are more informed and demanding and above all, technology gave birth to a new era of competition.
   By incorporating innovation into your legal processes, you will be able to differentiate yourself from the competition by making your procedures more efficient and structured, as well as empowering your company and assisting your team in handling client requests faster and better than before.

   Because it’s a well-known fact that clients are a firm’s most valuable asset, ensuring their satisfaction should be your top focus to keep yourself up in the market.

Despite the fact that information assets are the lifeblood of every business, would you believe if I say most companies still struggle to manage data, information, and knowledge effectively?

Yes, this in fact is true.

Another fact is that today’s clients seek out law firms that have the ability to be trustworthy partners and are well-versed in their fields and businesses. Law firms that have access to extensive and up-to-date legal resources have the expertise they need to foresee and manage risks that may impact their clients’ services.

Do you still believe you are providing your clients with the best possible service with your existing tools?

Even a small doubt could keep you out of the race and could upset your clients. Check this out by having a quick demo with us.

“While it’s very important to establish where you want to be and why from a technology standpoint, it’s also important that you make changes to the management side of the process. That way you can set the standards for what you’re doing and where you’re moving as a company.”

Simpal Kumari

Market Research Analyst with a Master’s in Marketing and Analytical Experience.