Join Legal IT Insider, BigHand and Iridium as we share the key findings from BigHand’s Legal Cash Flow report, presenting data gathered from over 800 senior finance professionals and discussing current cash flow trends, key challenges, and how firms are planning to increase data visibility and profits over the next 24 months.
We are joined by Rob Stote, managing director for BigHand profitability products, and Tom Jones, founder and CEO of Iridium, which BigHand acquired in February.
We will discuss:
- Data visibility for partners and associates: Unless there is better education and visibility around billing and profitability, your efforts to improve the WIP to cash cycle will only go so far.
- Profit leakage: BigHand’s research takes a deep dive into what areas of the billing cycle leaks profit. From poor scoping up front with the client, to under-pricing of work, to late time entry. We take a look at examples of what firms are doing to address the leakage.
- Collections: 54% of firms experience bill write offs and it has taken longer for clients to settle their bills since the pandemic. What can be done to improve this? How can the finance team go from pure reporting to driving better commercial awareness?
- New finance roles: The report shows that there has been an uptick in the number of firms hiring financial analysts who can make data work harder for you. We take a look at the findings.
Throughout the conversation, the BigHand team will be sharing insights as to how to build a more commercial culture with new processes and technology.
10rd March 2022
11am EST/ 4pm GMT