Legal pricing continues to dominate the headlines as Brisbane-based law firm Mullins, a longstanding client of BigHand, makes the decision to extend its relationship with the adoption of financial business intelligence tools BigHand Quantum and BigHand Evaluate, we can reveal.
The commercial firm, which back in 2015 was the first in the southern hemisphere to sign up to the BigHand SmartNote system, which combines speech recognition with iManage integration, was looking for a way to capture, collate and present matter related financial data with the ultimate goal of increasing their quality of service to clients.
‘BigHand was the logical solution for us because we were already familiar with their technology having implemented BigHand Voice, BigHand Hyperstyles and BigHand Smart Note in 2017. In reviewing Quantum and Evaluate it was clear these two programs could help us analyse matter and client related data, but also display that data in a way that was easily understood by the partners and management staff,’ said chief financial and operating officer Stephen van Dorp.
BigHand Quantum is a business intelligence and reporting program which translates key financial and matter related data into dashboards and reports. The program allows users to identify gaps in time recording, get real time updates on work in progress, review debtors and write-offs, amongst other key business data.
BigHand Evaluate is a pricing and planning tool that will help the firm budget for and manage its matters from not only a financial point of view, but also from an industry perspective, by practice group, by lawyer or by the legal service provided . The software also enables key financial information (such as work in progress and fees billed) to be accessible throughout the life cycle of a matter.
Both products were developed by DW Reporting, which BigHand acquired in April 2018. Interestingly, both integrate with the firm’s GlobalX Open Practice financial management system – that connector is a first for BigHand and a key step for driving further adoption in Australia.
Mullins are currently in the implementation phase for these programs but expect to have both fully functional by 1 July, ready to help achieve their growth plans for FY2020.