Beyond the expertise of its personnel, the competitive advantage of a legal firm may often be determined by its cost management strategy and its ability to respond with agility to the industry’s growing trends. One growing trend offering firms a strong competitive advantage, the demand to provide predictive matter costs for alternative billing, has transformed the way firms handle billing methods and manage business processes.
Recent studies demonstrate that firms using a proactive approach to alternative billing, including the use of business analytics to quantify document management costs, are more profitable than firms that respond reactively to alternative billing methods. However, a large majority of U.S. firms have yet to incorporate business analytics as part of their document management strategy, a decision that can potentially eat away at the firm’s profits.
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