Converting Data to Insight for Meaningful Outcomes 

At the conference, industry leaders identified with a common challenge presented by our host, and Legal COO Network Director, Chris Bull in his book ‘The Agile Law Firm’: while many firms may be data rich, they remain insight poor. Gurveer Virdi (Partner & Head of Finance at Leigh Day) emphasised the importance of having data that “means something so you can actually make decisions that benefit the business.” Andy Keith (COO at Anthony Collins) further underlined the need to distinguish between “correlations and causations” - turning numbers into actionable strategies.  

Their insights resonated with my own observations, having seen firsthand that empowering law firms with quality financial data is no longer a luxury - it’s an essential component to truly informed strategic decision-making. While it’s true that data alone isn’t enough, it’s the data that verifies and qualifies the insight.  

However, for too long, critical financial information was confined to senior management, leaving those on the front lines to make decisions without the complete picture. Today, thanks to rapid advancements in technology and improved data literacy, we’re experiencing a cultural shift. When equipped with the right tools, teams across a firm can now have access to dynamic, timely data instead of static, quarterly snapshots. This evolution enables faster, more informed decision-making and fosters a proactive approach to managing client and matter profitability. 

When stakeholders are equipped with meaningful data insights, it nurtures ownership and accountability across the firm; this environment marks the cornerstone of a truly agile legal practice. An innovative approach to promoting broader financial accountability that was discussed at the conference is gamification. Although it may sound unconventional in a legal context, adding a competitive edge - whether by recognising the fastest time posting or rewarding teams for exceeding targets - can significantly boost engagement and efficiency. Friendly competition not only encourages prompt task completion but ultimately leads to better financial outcomes. 

The Framework for a Data-Driven Future 

In summary, having data is only the first step. The real challenge - and opportunity - lies in transforming that data into actionable insights that propel us forward. 

To that end, I’m (perhaps predictably) excited about BigHand’s Financial Productivity offering, which I consider the ideal companion for law firms seeking to build a culture of financial acumen. The findings from our latest annual law firm finance report were encouraging in this space; 44% of firms surveyed are using Business Intelligence tools to drive quicker business decisions about the health of a particular client or matter.  

I anticipate that percentage increasing, and I’m enthusiastic about the direction the industry is headed - a future defined by agile and transparent decision-making that makes legal practices more dynamic and responsive in a fast-evolving market.