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Firm takes smart approach to billing and client engagement
In these cash-strapped times, anything that adds a little extra is worth investing in. Or at least that’s been the attitude of Farrer & Co over the past year. The firm, which recently announced it had broken through the magic £50m revenue barrier, is harnessing the power of technology to make life easier for clients and staff alike.
Farrers has invested in two initiatives, one designed to help it keep track of billing and the other to encourage better engagement from clients.
The first, a ‘dashboard’ to which all fee-earners have access, allows them to keep track of financial information from a multitude of angles – by matter, by date, by client and so on. It has been so popular that IT head Neil Davison says staff now prefer it to more standard practice management systems.
The second is perhaps more innovative. While client extranets are now common, and indeed Farrers prides itself on the flexibility of its “tailored” systems, the firm has gone a step further and introduced a sector-based extranet. The first one – the firm hopes there will be more – is aimed at its education clients and is a portal for them to share information and talk to each other.
Davison says the firm aimed the first sector extranet at schools because there was nowhere for in-house counsel in the sector to connect.
The firm is hoping to roll out the system to other sector groups in an ongoing effort to keep clients happy and engaged.