A practice management system (PMS) is more than a souped-up solicitors' accounts system. At its heart should be a vast database that can generate the kind of up-to-the-minute information needed by partners, practice managers or department heads - the sort of client, matter and financial information which allows them to run a firm on a sound business footing.
Examples of questions that should be answered by analysing this information include:
* How much money is tied up in work in progress?
* Who are the most profitable clients?
* Which areas of the legal practice are growing or declining?
* Are budgets being met? and
* Which fee earners are pulling their weight?
Article on the Law Gazette