LawVision and Iridium Technology teamed up to run the “Biggest Law Firm Profitability Survey Ever!” The survey included more than sixty questions, covering both strategic topics and the “nuts and bolts” of law firm profitability. With a great sample size we have a deep data set for analysis. This session will present the key findings regarding firm use of profitability metrics, data transparency, and report distribution. Additionally, we will share the responses to the “nuts and bolts” questions regarding how firms are calculating profitability, designing allocations, and running multiple scenarios for profitability analysis.

Session length: 40 minutes

Presenters: Mark Medice – Principal, LawVision. Tom Jones – CEO/President, Iridium Technology.

Mark Medice is a Principal at LawVision and leads the Financial Performance and Data Science Practice. He has over 20 years of leadership experience providing and applying data solutions to the most pressing challenges facing law firm leaders. Mark spent over 10 years at Thomson Reuters where he launched and led the Peer Monitor program. During that time, he created the Peer Monitor Index (PMI) which is widely used throughout the legal industry. Immediately prior to LawVision, Mark led new initiatives around analytics and metrics at Intapp.

Tom is the CEO/President of Iridium Technology — the firm that is 100% focused on business intelligence (BI) for law firms. Tom has been focused on business intelligence and profitability for law firms for over 20 years. Prior to starting Iridium Technology, Tom worked for ADERANT for 13 years, with most of his tenure as the Product Manager for ADERANT's business intelligence offering. Tom is a regular presenter at ILTACON and hosted the ARK Profitability and ARK BI conferences for the last three years. He has a B.S. in Computer Science from University of California, Santa Barbara, and was selected as the outstanding Computer Science student in his graduating class. He lives in Reno, Nevada with his wife and two sons. All of the Jones family members are avid skiers, fitness nuts, golf crazy, and love to travel.

What qualifies this session as innovative? LawVision and Iridium have collaborated to put together the most in-depth law firm profitability session ever. We will be presenting a unique and valuable data set that has never before been available. We hosted a webinar this week on this subject, and with minimal promotion we had 70+ attendees. This is a hot topic that legal finance and management professionals are eager to learn about.