Law firms are confronting an unparalleled period of financial stress and operational change, as highlighted in last year’s Briefing/HSBC Law firm strategy and investment survey. And yet the outperformance of expectations in 2021 was astonishing. Firms have a clear opportunity to invest in technology and practices to mitigate the risks, not only of the ongoing Covid-19 pandemic, but also the requirements of upcoming regulation on environmental, social and governance (ESG) reporting.
The right technology investment unlocks value and drives efficiency. It eliminates time spent collecting and manipulating data to understand the impacts of change, while enhancing business collaboration between departments and practice areas through information that is easy to access and consume.
Much of this value already exists within your firm’s technology, but it requires automation of all non-value-added tasks. This is key to enabling individuals and teams to focus on analysis and modelling to maximise productivity and optimise existing internal resources.
There is further value to be unlocked by moving away from disconnected systems. Integrating data sources (including practice management and operational systems), and bringing these disparate sources into a single application, empowers users with visibility, insight, and the tools needed to analyse the firm and ultimately optimise internal operations. This delivers firms the flexibility to expand both domestically and internationally without the requirement to scale up operational teams. Mergers and acquisitions no longer require costly practice management system replacements onto a single instance to report financial and operational data on the new firm structures. Instead, efficiency is driven through user-friendly, scalable solutions, giving control to the user, all while removing reliance on IT to access the data required to deliver information at every level of the firm as needed.
OneStream Software’s mission is to deliver 100% client success. This mission extends not only to our customers, but also to their clients, by delivering transparency and insight to enhance those relationships. We do this by leveraging modern technology and design principles to manage and drive performance within the firm, from the granular level through to strategic firm-wide decisions – all tailored to the requirements of the individual as well as the firm. OneStream unleashes the power of finance by unifying corporate performance management (CPM) processes such as planning, financial close and consolidation, reporting and analytics, through a single, extensible solution.
At its core, the key challenge OneStream solves is the complexity derived from the ever-accelerating speed of change, not only in the legal market but also the client markets serviced by the legal industry.