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Practically Applying Business Intelligence
With more than 38,000 open matters at any given time, summarizing and analyzing practice, client and attorney information was nearly impossible to do efficiently using manual process and flat reporting. We did our best to create reports (eg, work in process (WIP), realization (amount collected as compared against amount worked/billed) and performance) using available technologies, including our time and billing system (Elite), Excel, Access and custom reports. However, we were eager to find a way to conduct more sophisticated analysis. We knew the questions that we wanted answered, but had been unable to get at the information in a usable format. For example, we could get general reports about aging accounts receivable (A/R), but we weren't able to assess real performance as it related to each client's historic payment pattern. If our firm averages a 75-day turn around on receivables and Client A has invoices 60 days old and Client B's are 90-days out, is that good or bad? We needed more detail than we could get from our transaction-based systems in order to answer these types of questions.
We decided it was time to implement reporting-based business intelligence (BI) software. Essentially, BI software sorts through vast amounts of firm data (from disparate sources such as time and billing, general ledger, payroll, etc.), automating the number crunching and analysis to provide us with actionable information and a more focused approach to following up on that information. Over a 1-year period, we reviewed software and services from four vendors, including our accounting system vendor and third party providers.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.