The reason is quite simple, actually: many firms fail to utilize legal budgeting tools that categorize their cases in ways that make extracting historical case-type data possible.
What firms need is a tool that allows them to break down their tasks into useful categories thereby making it easy to pull the right data. Not only will this help the law firm provide better budgets; it will help corporate legal and insurance claims departments stay on budget with their matter management – and this is good for everyone.
Don’t reinvent the wheel each time you create a new budget. Your e-billing and matter management tools should make this process easy for you and your firms. Look for a system that can do the following:
- Allow law firms to enter budget amounts for their fees and expenses, broken down by category;
- Track budget to actual spend amounts as invoices are presented for approval, and alert you when cases reach certain budget consumption thresholds;
- Break down data into categories so you can find efficiencies and compare performance across firms.
- Report on completed cases budgets and actual costs to provide quicker and more accurate budgeting for new cases.
Budgeting has been an essential value for legal departments but it needs to be mandatory. Acuity ELM can help with our easy-to-use budgeting tools.
Book a demo to learn more about our comprehensive budgeting tool and see how Acuity ELM can help you. Book a demo.