March 7, 2007
Law Firms to Spend More on Software in 2007
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For regular blog readers who saw yesterday's blog about Tom's surgery, it was a success! You'll probably hear more about it from him later. Until he's back at the computer, his pre-written blogs will be posted daily, starting with the following:
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According to a recent survey by Thomson Elite, 50 percent of law firms are planning to increase technology spending in 2007. A large majority of reporting firms, 80 percent, say they will spend more on software than on hardware. Likewise, the survey indicates that firms do not plan on increasing technology staff levels. The emphasis is on software and infrastructure investments to improve competitiveness and partner income.
Thomson’s finding parallels the emphasis on software indicated by law firms responding to an earlier Law Firm Economic Survey conducted by Juris, Inc. In addition to financial information, the Juris survey polled participating firms about their financial and practice management priorities. It turned out to be a wish list for better tools to guide the firm. Here are their top wishes:
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Real-time information for fee earners
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Improved reporting systems for better business intelligence
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Budgeting & forecasting tools
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Benchmarking tools to improve competitive information
The top two desires, real-time information and business intelligence, signals that traditional reports are no longer adequate. Managing partners want actionable information that is instantly digestible and in time to do something about it. The new dashboard technology arriving on the scene is delivering on this need for constant situational awareness. Partners want timelier information in smaller doses. Rather than dig for information, they want to be alerted when their attention or action is needed. They want to control the flow of information according to what is important to them at the time. Delivering all of that is a big deal for software vendors. But the leading business system vendors are in business to address buyer preferences, so some exciting new breakthrough products are hitting the market—for example, the new Active Information from Juris, Inc. and Elite 3E® from Thomson Elite.
Benchmarking's move into the top wish list reflects the growing awareness by law firm leaders that their firms can ill afford to continue flying blind. They need competitive intelligence. They want to know key financial information from their peer and competitive groups. Surveys that are 12 to 18 months behind the curve aren’t satisfying that need. Thus, we see the rise of new continuous benchmarking and monitoring services from the likes of Thomson, Redwood Analytics, and Juris.
Morepartnerincome.com is sponsored by Juris, Inc. For information about Juris® products and services for increasing law firm performance and partner income, go to www.Juris.com.
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Filed under Technology by Tom Collins
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