Webinar Replay: 2022 Law Firm Cash Flow Trends – The Latest Research from BigHand

This lively webinar – in which we somehow ended up trying to persuade BigHand product head Rob Stote to sing the soundtrack from the Lion King – took an important dive into the key findings of BigHand’s Legal Cash Flow report, which looked at cash flow trends, key challenges, and how firms are planning to increase data visibility and profits over the next 24 months. 

Stote – who is managing director for BigHand profitability products – and Tom Jones, founder and CEO of Iridium, which BigHand acquired in February, took us through: 

  • 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 took 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 took a look at the findings.

Throughout the conversation, the BigHand team shared insights as to how to build a more commercial culture with new processes and technology. 

Watch the video here