Better Law Firm Management Begins with Better Budgeting: How to get started

Law Firm-Focused Budgeting and Forecasting Solutions Positively Impact All Aspects of Your Practice

Running a law firm is complex work. While the attorneys on the practice side must navigate complicated matters amidst ever-changing laws, the professionals on the business side must ensure that the cases on the books and the income that is expected to accompany them is sufficient to meet firm goals. Like any other business, this type of planning requires sound budgeting and forecasting.

In the legal industry, however, things can be more difficult to track with client data, matter details and statuses, billing information and other critical components all residing on separate, disconnected platforms. These conditions often make it necessary for decision makers to perform or request multiple searches to obtain the information they need for a single task.

And, this process offers no guarantee that the data they receive is complete, accurate or current. Even after they are satisfied that they have all the data, their work is not done. They must manually piece it together before they have a complete enough picture to conduct an analysis. Only then can they attempt to answer the question that started them on this journey.

It's time for a better solution

Budgeting and forecasting technology has come a long way in recent years. While a lack of user-friendliness and unreasonably long implementation periods may have caused many firms to shy away from such solutions in the past, they would do well to revisit the idea. Recent advances have greatly improved the user experience and the implementation time has been cut as much as 50 percent compared to earlier versions.

In fact, with 3E Budgeting and Forecasting, you can leverage your existing Enterprise platform to enable powerful standardized processes that help eliminate errors, instantly correct issues, and save time. Its familiar, Excel-based environment quickly integrates with human resources and payroll systems. And because your firms needs are unique, the software is built with a modular design, allowing you to choose from budgeting, forecasting, reporting, long-range planning, analysis, and modeling to create a solution that works for you.

Real-time analysis and insights can give you an accurate up-to-the-minute snapshot of production and performance at the firm and practice group level. Having access to this type of data dramatically streamlines the budgeting and forecasting process and allows you to proceed with much greater confidence that you are basing your work on the most reliable data available.

Moving forward with confidence

Successful firms must be proactive with their budgeting and forecasting initiatives. The issues that kept them from making the investment previously have largely been erased. While a significant technology migration is never simple, software like 3E Budgeting and Forecasting can give your teams a portion of the power of 3E without the need for a wholesale technology upgrade. These transitional products have the added benefit of coming with you during your move to 3E and reducing the scope of the full 3E implementation.

As you plan your technology roadmap, consider how transitional products like 3E Budgeting and Forecasting can help you empower your teams quickly.

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