Identifying risks to profit leakage – find out more with Advanced

In an industry where every billable minute counts, profit leakage is a significant and very real concern. As profit leakages continually pose risks to their financial health, almost all firms have looked to raise the billable hours targets in 2023, while around half of UK firms had done so by more than 10%.

How time capture plugs profit leakages according to Advanced

To be a successful, profitable business, identifying and plugging profit leakages is of great importance. Profit leakages can take many forms, from discrepancies in billable hours to overlooked overheads and administrative costs, causing substantial drain on a firm’s resources.

Conveyancing: Why a full-stack case management system matters. Find out with Advanced

With profit margins and case time squeezed, conveyancers need the right tools to help manage their cases efficiently. A case management system is a good starting platform and has become an essential tool for law firms.

According to Advanced Legal streamlining your processes could save your firm hundreds of pounds

Improving profit margins, whilst achieving growth and remaining competitive, is an aim that pretty much all law firms have. The key comes to how you can achieve this.

Webinar: Realising your digital dividend with Advanced Legal – 3 May at 4pm

In times of economic uncertainty, alongside a myriad of challenges lingering from the pandemic, such as talent retention, hybrid working, and ever more digital client needs, law firms are faced with the task of making their business a more attractive place to work and do business with, while streamlining their practices and maximising profit potential wherever they can.

Advanced Legal blog: Streamlining processes and where to start

The long-term goal of the majority of law firms is to improve profit margins, whilst achieving growth and remaining competitive. One way you can do this is by streamlining your business processes to allow time to be saved and more efficient working across your business.

Profit sophistication takes precedence for law firms in 2022 according to industry research from LawVision and Iridium

LawVision and Iridium Technology (now part of BigHand) have today shared the results of their fourth annual law firm profitability survey.

Iridium: BigHand research finds just 9% of law firms report on cash realisation at the client and matter level

New research from BigHand and Iridium (recently acquired by BigHand) has revealed the full extent of law firm profit leakage and firms lack of long-term cash flow process and real-time data to make sustainable change.

Webinar: Close deals from anywhere, with ease, and higher profit margins with Litera Transact

Join Emma Vertigen and Valerie Pennacchio on 17th November at 10:00 am CST to learn how Litera Transact revolutionizes each stage of the deal lifecycle to help legal teams get deals done more securely, efficiently, and collaboratively while boosting profits and amazing clients.

Wilson Allen: The path to profit by unlocking data

Many law firms today are performance-focused, which typically means that they use time and billing data to inform a delivery model that optimises rates, utilisation and leverage to drive profitability.