Finance Resources

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Downloadable and online resources about finance from LSN and our networkpartners.

  • The next five years: future of legal technology, legal business report by Aderant

    08/10/19
    finance
    Four years ago, we introduced a thesis called “Your Firm 2020.” At the time, we predicted the majority of law firms will expect legal technology to support better automation, mobility, and collaboration. We also noted that cybersecurity would be one of the most pressing concerns. As we publish this paper, we’re closing in on the final quarter of 2019 and we think those forecasts have largely played out.
  • Iridium Technology ask: is your law firm tracking the right KPIs?

    30/09/19
    finance
    Law firms, like any other business, must continuously track their key performance indicators (KPIs). These metrics go far past the Billable Hours metric that most attorneys track closely and are a great way to help legal teams better manage revenue and expenses. KPIs provide law firm partners and administrators with data analytics that provide an overview of performance for the total firm and across the various firm “slices” such as by timekeeper, practice group, or office. To get the maximum benefit from tracking KPIs, law firms must choose their KPIs wisely. Below are the KPIs that every law firm should track to boost firm revenue and profitability.
  • Iridium Technology: 5 revenue metrics all law firm leaders need to know and track

    27/09/19
    finance
    Law firms are in the business of helping people, but they are still businesses. Large law firms have teams of people working on analyzing and investigating their performance on key metrics. Smaller law firms, on the other hand, may struggle to allocate adequate resources to analyzing their financial metrics. Regardless of firm size, there are specific metrics that the firms must track and publish to their attorneys. It is ironic that some attorneys want to focus on spending time with their clients, but if they don’t focus enough on their financial metrics they may not have enough clients to spend time with! To ensure that the firm is financially profitable and growing their client base, it is important that every law firm tracks five essential sets of metrics.
  • The 2019 Legal Lab Executive Summary, from HBR Consulting

    22/09/19
    finance
    Legal Lab 2019, HBR’s fifth annual gathering of leaders from leading law departments and law firms, marked a turning point from prior years where we were poised on the brink of change in the legal industry.
  • Implementing a law firm records disposition program, from HBR Consulting

    19/09/19
    finance
    Managing a records retention and disposition program is one of the chronic challenges for any organization in the information age. Businesses and government agencies of all sizes are seeking to implement or improve these programs due to increased risk of cybercrime and data breaches, the complexities of complying with a variety of data privacy laws and regulations worldwide that dictate how long personally identifiable data can be retained, and the desire to reduce their data footprint in order to cut back on their storage expenses however possible.
  • Five reasons to build your law firm’s IT security framework on NIST standards

    18/09/19
    finance
    Law firms are daily targets for cybercrime and targeted data breaches. Criminals are keenly aware that law firms can be a “back door” to valuable confidential data, such as trade secrets, intellectual property and financial information related to potential business deals. In fact, 23 percent of law firms reported that they have been the victim of a data breach at some point, according to the ABA’s 2018 Legal Technology Survey Report. Meanwhile, corporate clients are ramping up due diligence efforts to ensure their outside law firms are protecting their information with comprehensive information security controls. They also want to be assured their firms can quickly and easily respond to all possible compliance items or requests.
  • HBR Consulting discuss: How law firms and law departments can harness innovation

    17/09/19
    finance
    In a profession enamored with centuries-old precedent, the term “legal innovation” has long been an oxymoron. Lawyers were commonly—and often rightly—perceived as too stagnant and tradition-bound to embrace radical change. But more recently, legal innovation has taken off, garnering extensive buzz in the industry.
  • Forecast: Law firms will be cloud ready by 2021

    23/07/19
    finance
    Law firms have long talked about the attractiveness of migrating their IT infrastructure to the cloud, but they have not made appreciable steps to date. This is due in large part to an understandable fear of negative client reaction, especially in regulated markets such as finance. In truth, restrictive outside counsel guidelines of even a few large clients often were enough to put the brakes on cloud initiatives.
  • Law department analytics survey reports

    14/05/19
    finance
    The rise of data analytics has in the past decade substantially impacted how businesses operate and provide services. The legal industry, on the other hand, has been much slower to adopt analytics than other verticals. That is beginning to change, as interest and investment grows in legal organizations.
  • Balance Recruitment – Market analysis: Revenue control 2018-2019

    11/02/19
    finance
    Revenue Control has been by far and away the busiest area for hiring across the legal accounts function in recent years for our team, with significant change and evolution of teams across the legal sector.
  • Suppliers in the spotlight: A look at procurement priorities for law firms in 2019

    04/02/19
    finance
    Procurement plays an essential role in law firms’ ability to reduce and contain costs, manage risks and improve the level of supplier service delivery.
  • The edge effect of the legal ecosystem

    31/01/19
    finance
    In ecology, the term “edge effect” refers to the boundary of two or more habitats. At the edge of two intersecting habitats scientists find greater diversity of life, including unique species that are specially adapted to the conditions of the zone where the two habitats come together.
  • HBR Consulting: LegalXchange 2018 executive summary

    22/01/19
    finance
    Yes, we may still be discussing some of the same challenges that surfaced years ago in the legal ecosystem, but now we have a sense of “vuja dé” – seeing something familiar with a fresh perspective – a viewpoint that allows us to gain new insight from old problems.
  • MHA MacIntyre Hudson's year end tax planning guide

    MHA’s Year End Tax Planning Guide summarises some key tax and financial planning tips which should be considered prior to the end of the tax year on 5 April 2019 or for companies, the end of the financial year on 31 March 2019.
  • HBR Consulting: Three reasons to get a second opinion on IT lifecycle management

    19/12/18
    finance
    Senior IT executives carry the burden of making the final decisions on hardware and technology support options needed to run the applications that drive their corporate or law firm business functions.