Boosting Law Firm Profitability: How Gould & Ratner Revolutionized Its Financial Processes

ABOUT THE FIRM 

Gould & Ratner is a Chicago-based law firm representing individuals, organizations, and growing businesses, including entrepreneurs, family-owned operations, and larger companies. The firm represents clients in matters such as real estate, corporate, tax, estate and succession planning, litigation, employment, intellectual property, environmental, and other specialty fields.

BACKGROUND 

Gould & Ratner was facing the challenge of optimizing efficiency and profitability and in need of a comprehensive solution. The firm not only wanted to use financial and practice management software to efficiently manage its processes but was looking to maximize the technology to harness its full capabilities.

“It is critical that we get the most out of the software and use it to its full benefit.”

CHALLENGES 

Before adopting the SurePoint Legal Management System (LMS), Gould & Ratner faced some challenges:

Profitability Analysis:
The firm recognized the importance of profitability analysis but faced difficulties in obtaining meaningful insights into its financial data.

Manual Processes:
The firm’s financial operations were time-consuming, requiring extensive and often redundant input.

Data Accessibility:
Quick and easy access to the firm’s financial data was limited, leading to delays, a lack of actionable insights from data silos, and cumbersome reports.

BENEFITS 

With the implementation of LMS, Gould & Ratner experienced significant improvements in its operations:

Profitability Reporting:
The firm began using the profitability module in LMS, which provided a transformative way to analyze Gould & Ratner’s success. The software makes it easy to gather and present valuable information to attorneys and management.

Enhanced Data Management:
The powerful dashboards of LMS allowed quick data retrieval during client interactions, improving accessibility and responsiveness.

Streamlined Processes:
As Gould & Ratner adapted to the software, it eliminated manual processes, and the firm was able to reallocate resources where they were needed most. The firm transitioned from a paper-heavy environment to a paperless one.

Easy Adoption:
Gould & Ratner embraced technology, making the transition to digital and a paperless environment seamless. LMS has also proven itself to be user-friendly and self-managed, eliminating the need for the firm’s IT personnel to handle software upkeep and maintenance.

“The dashboards are powerful and simple to use. We are able to access so much information very quickly.” 

RESULTS 

The adoption of LMS brought about remarkable results for Gould & Ratner:

Improved Profitability:
Implementing the profitability module provided actionable insights, enabling the firm to focus resources effectively, resulting in increased profitability.

“For our firm, the profitability module has been the most transformative part of using the software. It really helps with our day-to-day financial processes.” 

“We became much more efficient and were able to eliminate manual processes. We went from having a wall of filing cabinets to most of our team operating with one drawer.“

Refined Operations:
Productivity improved significantly. The firm streamlined its operations and reduced the reliance on manual processes.

“We can close our month-end in half an hour. LMS saves us a lot of time—it provides valuable information when we need it. We can easily access data and provide information quickly.” 

Faster Communication with Clients:
User-friendly dashboards provide the firm with access to real-time client data, making it easier to communicate with clients in a more timely and efficient manner.

“Our clients expect efficiency. With LMS, our attorneys can get the information they need when they need it. And that reflects very well on who we are as a firm.” 

Paperless Transition:
The firm’s transition to a paperless environment was a significant success, resulting in faster processes and cost savings.

“With this sophisticated software, we can provide information quickly and accurately. It has helped eliminate a lot of back-and-forth and inefficient processes.” 

By leveraging one of SurePoint’s solutions, Gould & Ratner not only achieved enhanced operational efficiencies but also transformed its profitability analysis capabilities. Contact one of our experts to learn how your firm can harness the full power of financial and practice management software.

ABOUT SUREPOINT
SurePoint^® Technologies is the leading provider of award-winning software that improves workflow and maximizes financial performance and profitability for law firms. SurePoint’s solutions integrate client management, practice management, and financial management for powerful relationship-building and knowledge-sharing capability. With a community of more than 100,000 members, SurePoint continues to transform the legal industry by enabling law firms to unlock higher performance, freeing lawyers of administrative burdens so they can spend more time focusing on their clients and their practices. 

Learn more at https://surepoint.com.