CHICAGO – November 1, 2011 – Source Consulting Group LLC (“Source”) announced today the results of its 2011 Finance Operations Survey of law firms. The Survey provides legal and professional service firms with industry benchmark and comparison data regarding their internal financial operations, and also provides a candid look at the technology they use to support back-office financial operations. Data provided by the Survey includes findings on software tools used in financial processes, time-billing cycle time, bill collection and financial operations staffing levels.
This year’s respondent group consisted of 62 law firms, ranging from smaller and mid-size to large 1000+ attorney firms. The surveyed group overall reported a significant focus on optimizing operational efficiency and maximizing usage of their financial system applications. Major findings of the survey involved greater interest in enhancing existing finance/accounting technology to meet the changes in the industry, increased awareness of revenue cycle resulting in many firms taking on initiatives for change management, and firms self-defining as Project Management Offices (PMOs) to manage internal projects.
HIGHLIGHTS OF THE SURVEY FINDINGS
Use of Revenue Cycle Improvement Technology Soars – 47% of firms reported introduction of operation assessment projects resulting in initiatives focused on overall revenue cycle improvement.
Specific product category increases shown:
- o Expense management system usage grew 23% since last year to 66% versus 2010’s 43%.
- o Workflow solutions usage grew 12% from 50% in 2010 to 62% in 2011.
- o Imaging system usage grew 18% from 48% in 2010 to 66% in 2011.
Formal Project Management Office (PMO) Existence Grows – The number of firms which self-define as PMOs increased 8.7% from 20.3% in 2010 to 29% in 2011 which correlates to increased workflow deployment, tech assessments and other initiatives to improve revenue cycle and automate manual processes.
2011 marks the second year of this Survey, which was previously known as the Hildebrandt Baker Robbins Finance Operations Survey until Thomson Reuters’ divestiture of Hildebrandt Baker Robbins earlier this year. Source, an independent consulting company formerly known as the Hildebrandt Baker Robbins Financial Systems and Operational Group, completed the survey and tabulated the results.
Source Managing Director Sonnie Yoon noted, “Our 2011 Survey clearly shows that law firms are responding to the adverse economic climate by dramatically increasing their use of efficiency and revenue enhancing technologies. More than ever before, law firms are demonstrating a proactive approach to project management and automation aimed at improving their bottom lines and increasing productivity of their attorneys and staff.”
Survey results are available to participants at no charge. Non-participants can purchase the survey results from Source for $1200. For more information, email [email protected].
ABOUT SOURCE CONSULTING GROUP
Source Consulting Group LLC is a consulting firm specializing in providing comprehensive project management and business process services to legal, accounting and consulting providers. The company provides financial system and business consulting services, leading successful implementations and rendering product-neutral recommendations to increase efficiency and return-on-investment. The company is based in Chicago.
For more information about Source Consulting Group, visit www.sourcegroup.com, email[email protected].