BigHand Releases Enhanced Business Intelligence to Drive Business Development and Revenue Growth
LONDON, England, November 12, 2024 (Newswire.com) - BigHand, a leading provider of legal software solutions, is proud to announce the latest major enhancement to its Business Intelligence software in the form of a new Business Development (BD) Module. The addition of the BD Module makes BigHand Business Intelligence the only legal BI tool designed to help firms win more of the right work. Built on the latest 4.0 version of the marketing-leading software, the Business Development dashboards are available on-premise or in the cloud to help firms easily monitor client health and identify the best opportunities for business growth, without compromising billable hours targets.
With increasing client demands for more value and the trend of firms reducing their panels, law firms are placing greater focus on business development. Lawyers must manage client relationships more strategically to drive client satisfaction and profits. Access to accurate financial data is essential for informed decision-making. The BD Module addresses this need by helping firms analyze financial performance and uncover trends in client growth, billing patterns, and risks while enhancing internal collaboration.
The module enhances cross-practice referrals with the new cross-sell view which highlights opportunities to expand work across different practice areas, enabling partners to strengthen internal relationships and generate revenue without pursuing entirely new clients. These insights allow firms to deepen existing relationships, ensuring growth is not solely reliant on acquiring new clients.
New tools like client scoring and lifecycle tracking enable firms to assess not just the volume of hours billed, but also the profitability and health of each relationship over time. The module reveals when high-billing clients are underperforming in terms of value, prompting a more strategic approach to managing those relationships.
Additionally, the module enables firms to compare client subsets by tenure or decile, identifying differences in financial management and highlighting which client groups generate the most revenue. These insights help inform more effective business development strategies moving forward.
Rob Stote, Chief Product Officer, commented, "With competition intensifying in the legal industry, our new Business Development module empowers lawyers to build commercial awareness by better understanding client account health. Lawyers can quickly address underperforming clients, focus on high-value clients, and identify cross-sell opportunities that build stronger internal cross-departmental relationships. We have seen first-hand how our clients that engage in an informed BD strategy: win more business, achieve higher profitability, and better realization. By introducing this new module as part of our Business Intelligence suite, we hope to support and help enable active client management, an increasing area of growth in our industry.”
BigHand is a leading provider of software and services that helps legal and professional services firms achieve operational excellence. With over 25 years of experience, BigHand's suite of products includes solutions for workflow management, document production, financial business intelligence, and matter pricing.
For more information on BigHand Business Intelligence and how it can benefit your firm, click here or contact Rob Stote at rob.stote@bighand.com
Source: BigHand
