Prosperoware Releases Umbria Profitability Delivering Unparalleled Firm Financial Management
Multiple AmLaw 100 firms round-out early adopters, including Winston & Strawn LLP
Prosperoware, a leading enterprise software company delivering innovative technology transforming the business of legal and professional services, today announces market availability of Umbria Profitability, a core module of the company’s enterprise class practice management solution, Umbria. Umbria Profitability leverages business intelligence stored in the Umbria data warehouse to model firm and partner performance and compensation, support a wide variety of cost and profit allocation methodologies, and ultimately provide unparalleled comprehension of firm financials to enable long term, profitable practice management.
Firms are struggling to gain real-time visibility into their financial data to enable timely, strategic business decisions that ensure profitability. Historically, financial information was spread across multiple, unconnected legacy systems and reporting was complex and laborious, often requiring significant time to prepare. In today’s hypercompetitive market, firm management committees need instantaneous access to complex intelligence with actionable processes that enable them to make immediate changes to remain competitive.
Umbria Profitability provides the solution. By delivering a single platform to aggregate and centralize firm financial information, across all disciplines, Umbria Profitability enables an unparalleled view of a firm’s financial health. Umbria delivers out-of-the-box flexibility incorporating a vast array of approaches, allowing data to be analyzed from the multiple perspectives of revenue, direct cost, and overhead.
Key features of Umbria Profitability:
• The only system able to calculate profitability and directly leverage it in pricing decisions
• Flexible UI, allowing firms to configure profit calculations through an intuitive user interface
• Highly configurable software (not a complex customization engagement) enabling:
o Cash and Accrual Profit Calculations
o Endless ability to import and separate direct cost by rank
o Mechanisms to calculate rates using standard hours as well as actual hours
o Direct allocation of Admin, BD, and many other common, directly allocated expenses
• Multiple mechanisms for distributing performance information:
o Profitability as impacted by discounting, leverage, cost, and many other factors, including highlighting where issues exist and guiding decision-makers directly to items that need review
• Secure, two-factor authentication with role-based access for distribution of actionable information to the appropriate people at the firm
Beyond Umbria’s best-in-class business data engine, Prosperoware brings decades of hands-on experience in profitability adoption at more than 100 law firms, driving further value to Umbria Profitability implementations. Prosperoware’s experts can expertly guide clients from implementation through adoption – and beyond – through Profitability Methodology and Reporting services. These services help firms intelligently implement profitability metrics and leverage them in support of strategic decision-making consistent with each firm’s unique culture. Our core profitability implementation processes cover:
• Computation: What is the firm’s profit model?
• Interpretation: What does the firm’s profit model tell us?
• Communication: Who does the firm need to share this with – and how?
• Recommendation: What can the firm do about it?
Prosperoware president, Keith Lipman, comments: “To succeed, firms must change from their revenue-based business models to profit-focused models, and we’re proud to deliver an out-of-the-box solution to this challenge in Umbria Profitability. We’ve received extremely positive responses from firm management and the partners and lawyers themselves who have been clamoring for this tool and are ecstatic with the immediate results they are obtaining. We look forward to their tremendous successes.”
Prosperoware is an enterprise software company providing solutions for law firms, corporate legal departments, and professional services firms. Our customers include half of the G20 and Am Law 200, 64% of the Am Law 100, many large global corporations, and the Big Four accounting firms. Our innovative software transforms how professionals work and enables firms to deliver more value to clients while protecting profitability. We empower firms to reduce costs, improve profitability, and better compete by:
• Enforcing and automating information governance with a focus on security and risk management
• Improving relationships with clients by delivering predictable fees and beneficial insight into the work performed
• Empowering professionals to leverage modern profitability metrics, which drive truly informed pricing, budgeting, and delivery decisions
Our teams work primarily from offices in London, Chicago, and Philadelphia. Our more than 250 customers range in size from small firms with just a handful of users to those with more than 14,000. Prosperoware customers include: Akin Gump, Goodwin Procter, Baker Botts, Hill Dickinson, Berwin Leighton Paisner, DLA Piper, Duane Morris, Hughes Hubbard & Reed, Sheppard Mullin, Comcast, and NBCUniversal.