Lawyers love cold, hard facts. So it isn’t any surprise that law firms generate reams of data about hours worked and billing and collection rates. But knowing what to do with all of that information is another matter entirely.
While firms can hire accountants and pour raw numbers into spreadsheets, doing so is labor intensive and time consuming. In some cases, using a spreadsheet program to forecast budgets can take a large firm several months. Often, by the time a firm realizes whether it was on track to meet expectations, the quarter’s already over.
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