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    Date submitted
  • 28-May-2018

myFirmData

Abstract

myFirmData is a custom reporting tool that integrates with Clio, the leading cloud-based practice management platform. myFirmData provides a simple user interface for law firms to build reports using all their Clio data, including financial and firm-specific fields. Once built, these reports can be saved to run on-demand or scheduled to run anytime. This tool will fill a major need in the Clio community.

This functionality solves two problems. For current Clio customers, it allows them to make better business decisions based on real-time data. For Clio, it allows them to market their product to law firms that depend on a custom reporting solution.

Additional Questions

Who is your customer?

myFirmData’s target market is the 150,000 users in 90 countries currently using Clio, as well as potential Clio customers that require custom reporting functionality.

What problem does this idea/product solve or what market need does it serve?

Clio is a very powerful and useful practice management tool, but the data that is gathered cannot be used effectively by the firms that need it. Custom reporting functionality is not available within Clio and is one of the pain points for current Clio users. Firms have been requesting the ability to export and manipulate their data for years and we intend to fill this need. myFirmData also solves a problem for Clio as they market to larger law firms. Most mid and large-size law firms enjoy custom reporting functionality with their current practice and financial systems. Without this custom reporting functionality, Clio may not be a viable option for firms to consider. By removing this barrier to entry for many mid and large-size law firms, Clio can expand their market to appeal to larger firms that are interested in moving to the Clio platform.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

Clio has been successful in marketing their product to attorneys and law firms because it is intuitive and easy to use. However, data analysis within Clio is challenging. Other products that have tried to address reporting needs are focused more on data analytics, not customizable, and expensive. Our intent is to make myFirmData the easiest and most affordable reporting tool for lawyers to use. As the first product to market that addresses this problem, our reporting tool will allow attorneys to create customized reports that provide insight into the firm’s finances and operations. With the ability to make better business decisions based on real-time data, law firms will recognize the return on investment that our product offers.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

The primary advantage of this product is that no competitors exist in the market. While other products provide business intelligence and data analytics, they do not provide the basic functionality that firms need to use every day. To insure success, our team will partner with Clio to market myFirmData to current and prospective customers. This partnership begins with a dedicated webpage that promotes our product in the Clio App Directory. The partnership will include social media exposure through Clio’s well-established network, and our product will be actively promoted by their sales team. In addition to partnering with Clio, we will engage with the Clio Certified Consultant community to create a partnership program offering monetary incentives for promoting our product. Finally, we will be a Silver-Level exhibitor at the Clio Cloud Conference in October 2018 to market the product to more than 1500 current Clio customers in attendance.