Efficiency and the modern law firm
There have been some well publicised issues facing the modern law firm in recent times. One item that seems to be prominent in the minds of many firms is the ‘efficiency agenda.’ Indeed the 2015 Natwest Financial Benchmarking Report indicates that operational efficiency will continue to be a key challenge for firms in the future. And, while the 2014/15 financial year has seen sustained economic growth for small to medium sized firms, profit margins have not increased. Steve Arundale, Head of Professional Services at Natwest and RBS says that “It is key that firms manage their business processes to become as efficient as possible in order to maintain or improve profitability.”
Yet in tackling this efficiency agenda, many firms fall into the trap of focussing on tactical rather than strategic measures. But what do we mean by this? Tactics cover things such as accessibility of management information, reduction of costs and headcount. However, strategy is more holistic. Strategy covers business transformation, centralisation of support functions and offshoring, to name but a few examples.
Strategy vs Tactics
What’s wrong with just focussing on tactics? In the short term, nothing at all. However, strategy provides your firm with clear, long-term goals: these goals will ultimately shape the future success of your firm – and a highly successful firm is an efficient one.
Why switch to Tikit P4W?
Switching your practice and case management system to Tikit P4W will take care of the tactical and leave you with the time to focus on the strategic items on your to-do list.
As a combined practice and case management solution, P4W provides the basis for delivering your tactical objectives. Enhancing routine processes via workflow, maximising time capture, increasing billing, improving client experience whilst effectively managing risk and compliance, makes P4W a must-have for every forward thinking law firm.
 New Law Journal, March 2015, Small firms stretched and challenged [Accessed 20 April 2015] http://www.newlawjournal.co.uk/nlj/content/small-law-firms-stretched-and-challenged