Resource management maturity is a concept widely used to gauge and improve a firm's approach to work allocation. It's a roadmap for your law firm to assess current practices, identify improvement areas, and implement effective strategies for greater profitability.
Discover where your firm sits in its resource management journey with a brief quiz!
Tailored for the legal sector, this maturity model considers the significance of people, processes, and industry-specific technology when evaluating the resource maturity of your firm.
See the three most typical work allocation structures used by law firms across the globe:
Partners are still solely responsible for resource allocation, often without a formal process or technology in place to support them. Many are realizing the risks associated with this approach and are actively seeking to change their model.
Some of the risks associated include inconsistent utilization and lawyer burnout, wrong resource at the wrong cost to the firm, and less partner time available for billable work.
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Work allocation professionals are employed in a part- or full-time capacity. These individuals may assist partners in work allocation or take most of the heavy lifting away from partners.
To support this dual process, many of these law firms look to implement new processes for how work is resourced and may use spreadsheets to manage allocation.
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Law firms have appointed dedicated, full-time resource managers for each practice group. These resource managers work closely with partners and practice group leaders to get the right resources for the right work, at the right cost.
These firms will often have invested in implementing new processes, underpinned by resource management software.
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Resource management is a critical business function that aims to improve work allocation and the utilization of legal resources within a law firm. With an effective resource management strategy - often supported by data and technology - law firms can enjoy greater value and profits through:
through more even utilization of your lawyers. Reduce partner time spent on work allocation and redistribute this to client work.
with the right skillsets and experience levels working on your matters.
and avoid large costs associated with attrition by ensuring your lawyers have equitable access to career enhancing work.
with lower associate turnover and improved work quality.
Schedule a quick chat to see how BigHand can advance your firms resource management maturity for greater profitability.
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