Two kinds of people control the profitability picture at your practice: those who bring in money and those who spend it. Of course, that’s essentially everyone at the firm. Now, how many of those earners and spenders – other than the CFO – really understand the numbers enough to actually know what’s going on?
LexisNexis® Redwood Analytics® software solutions can change that scenario. Think of Redwood Analytics as a comprehensive performance enhancement suite that helps the right people at your firm run the business of law in a better, smarter, more intelligent way.
Every practice has a wealth of financial data and metrics streaming in from multiple accounting and tracking systems, including the general ledger, billings, payroll, human resources, and other key areas. Redwood Analytics software converts that data into usable information and insightful assessments about profitability, firm trends, client segments and productivity. Then it distributes that financial and performance intelligence to the right people through dashboard displays, predictive insights, reports and alerts that build understanding and encourage action that will mitigate risk or enhance performance.
The sophistication and advanced features found in Redwood Analytics provide attorneys with unprecedented flexibility to understand the drivers of performance among clients and in their practice areas. At the same time, the flexible tools allow business and financial leaders to analyze key performance measurements of the firm by drilling down into the cause and effect details behind results.
Each of the three primary offerings in the Redwood Analytics suite puts practices on a better path for growth and profitability:
- Redwood Analytics Business Intelligence … is a core software solution spanning the major operating areas found in every practice, enabling you to understand, analyze and manage costs, cash flow, profits, productivity, utilization rates, inventories and performance measurements.
- Redwood Analytics Planning … specifically addresses alternative fee arrangements (AFAs), allowing firms to handle client and matter scenario planning in ways that minimize risks and maximize returns without compromising customer value.
- Legal Business Consulting Services … guide you every step of the way with access to a professional team of technical and analytical experts who have compiled a notable track record of delivering both advice and results in the real legal world.
Complete the profitability picture at your firm by equipping the right people with the right information at the right time to take action. Find out more about the Business Intelligence and Planning capabilities of a Redwood Analytics solution.