Aderant®, a leading global business management software provider, breaks new ground today with the launch of Aderant Intelligence: Benchmarking (“Benchmarking”), a new data analytics solution which provides unprecedented insight into law firm revenue realization and billing efficiency.
Now generally available for Aderant BillBlast eBilling clients, Benchmarking allows firms to track and analyze key metrics to gauge their billing performance, providing optimized visibility and transparency.
Benchmarking enables firms to compare their key metrics against others within their practice area as well as the broader legal market. Clients are equipped with an easy-to-use Benchmarking tool which provides a visual representation of billing performance down to the client level and comparative data showing how the firm stacks up against peers; it also flags areas for improvement and occurrences of revenue leakage such as reductions. Benchmarking additionally highlights delays in payment and reveals opportunities for improved adherence to client-provided billing guidelines.
Leveraging the power of actionable data, Benchmarking effectively expands Aderant’s reach beyond the productivity and workflow software applications for which the company is renowned. Benchmarking is the first publicly available offering from the newly minted Aderant Intelligence group.
Benchmarking focuses on measuring how an individual law firm is performing in regard to billing realization when compared to the overall market, and additional data offerings are forthcoming to illuminate more areas of interest for law firms.
“Aderant Intelligence: Benchmarking is a substantial breakthrough that brings unparalleled insight to the law firm billing process,” said Trey Ruello, Director of Data Services at Aderant. “Historically, billing has been a ‘black box’ for law firms, an area marked by scarce data and high anxiety. Benchmarking sheds light on law firm billing, answering questions about billing realization and revenue cycles, informing goal-setting, and maximizing earnings. We have already seen significant interest in this offering among our BillBlast customers and expect the coming months to be extremely busy as we continue onboarding customers.”
“Trey and his Data Services team have done an extraordinary job in crafting the Benchmarking offering for our clients,” commented Raphael Shure, Chief Operating Officer (COO) at Aderant. “Business intelligence, including data analytics, is one of the fastest-growing categories within legal tech. Law firms are recognizing the tremendous value that data and metrics bring to law firms by validating previous assumptions on performance or providing new insights backed by data.”
Aderant is currently conducting an early adopter program for Benchmarking to gather and incorporate additional client feedback. The program is open to BillBlast clients in the U.S. and Canada.
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