You’re ready to take the firm to the next level, but your financial management software is holding you down. Or, worse yet, your software vendor is no longer releasing feature updates. Your firm is losing ground against competitors, and you’re forced to rely on inefficient workarounds that eat up firm time.
Fixing the problem by upgrading your software comes with its own challenges, though. Getting members of your firm on the same page with what features are needed is difficult, and you worry that you’ll lose key data during a conversion.. Something has to give.
Here’s the good news: with thoughtful preparation, you can level up your software and reap rewards like increased profitability, more efficient work, and greater client loyalty. Read on to learn how.
Assess your situation
You already know the problems with your current software. Now take a step back to evaluate the larger picture. The following questions will help you get started.
What is the current technological landscape?
Most firms replace financial management software once in a decade, or even less often. It’s likely that technology has improved since your last purchase. For instance, some vendors offer:
- Improved time management systems that reduce lost billable time.
- Electronic payment processing, including ACH, that improves cash flow.
- Electronic prebilling that eliminates cumbersome paper-based prebilling.
- Mobile apps and web-based access so you can work anywhere.
Industry publications and your local bar association may be helpful resources as you explore options. You might also consider attending a conference or convention, both to attend technology-centric sessions and to explore vendor exhibitions.
What features do you need?
As you consider this question, don’t forget to ask employees throughout your firm about their specific needs; their work may vary more than you know. Then ask how well your current software matches everyone’s needs. Is it missing features? Are you wasting money on components you don’t use?
What are your most labor-intensive processes?
Take some time to inventory the firm’s major workflows and processes, and make sure to include professional staff like paralegals and legal assistants in the effort. If you can automate even one time-consuming process with new software, you’ll increase profitability by freeing up revenue-generating time or reducing staff costs.
What is the cost of doing nothing?
Quantify the costs of keeping your current software. Key considerations:
- Lost billable hours as attorneys and staff struggle to use inadequate/outdated software.
- Missed opportunities to automate workflows and create efficiencies that save money.
- Inability to access the data and business intelligence your firm needs to compete.
- Risk of being left behind as other firms explore ongoing technological advancements
- Security risks of software that is not patched regularly. Arctic Wolf and Above the Law recently reported that 39% of survey respondents had a data breach in the last year. For 2023 ransomware attacks, the average ransom was $1M.
- Lost access to data and interruption in services to firm clients.
- Regulatory noncompliance, which increases the risk of fines and litigation.
- More software downtime, wasting time that would otherwise have been billable.
- Higher costs of integrating older software with modern add-ons.
- Reputational damage and potential loss of business.
Investigate vendors and compare features
Software review sites like G2 can help you begin the feature comparison process, along with individual vendors’ websites. Your professional network, including colleagues at similar firms, is also an invaluable source of real-world information.
When you’re ready, begin scheduling vendor demos. Have your feature requirements ready and insist on a deep dive into each one of them. Get detailed pricing, and make sure to check references. Reputable vendors will be glad to share the contact information of a few current clients so you can speak to them directly.
Look into data conversion options
One of the biggest costs of upgrading financial management software is converting your existing data. Both your current vendor and the new vendor play a role, and both are vital to a successful conversion. Ask the following questions:
- What data can be converted? Some vendors offer partial conversions only, but top vendors can convert all of your data. Make it clear to vendors that you want a full data conversion.
- Is there a better way to store my data? The conversion process is a unique opportunity to restructure your data in a way that streamlines functionality and reporting. A good vendor will offer advice about your conversion options and how they might benefit you.
Consider the long-term costs
Use the information you’ve gathered to map out the costs for the initial implementation and support over the next 5-10 years. Then compare those numbers to the cost of doing nothing. Does shifting to a new product make financial sense?
Reassess performance periodically
After you choose a solution, keep an eye on outcomes. Check the real-world impacts against the hoped-for benefits once a quarter or twice a year. If you’re not satisfied with the results, consider pivoting to another option. You’ll want to game out the costs of changing your mind ahead of time, so check out contract duration and cancellation fees before you buy.
Level up your software to raise your bottom line
Switching to a new financial management platform will always be a significant undertaking. But the cost of doing nothing may be even higher. By planning carefully, you can take control of the change. When you find the solution that’s right for you, you and your clients will reap the benefits for years to come.
Ready for a change? Change to a complete solution with Orion.
- Access continuous upgrades and new features built with you in mind
- Work with veteran staff who have done multiple conversions just like yours
- Save time and money by training on real work (with robust safeguards)
- Get fast, personalized support so you can focus on your cases and matters
- Free yourself from long-term contracts—we never stop working to win your business
Ready to learn more? Schedule a demo today.