Today’s law firms are all about competition. Competition to attract clients, competition to provide the most effective and affordable legal service, and competition to provide legal counsel that can win your client’s confidence and their case. There is also competition to build and sustain a successful career that stands out from the rest. With so much at stake, forward-thinking law firms are reimagining how the law industry’s rate x hours = fee model is really delivering optimal value. So how do you increase your odds of winning in such a competitive environment?
Lawyers have traditionally competed with each other by combining two skills: legal reasoning and research. However, now there’s a third important branch to consider – marketing. Legal analytics is helping lawyers gain an advantage in the business and practice of law. Many of your cases come to your firm from client referrals. It is important for your firm to understand how current and former clients feel about you if you want to continue giving worthwhile experiences to new signups.
Analytics need to do three things:
Data is the key, and firms can now make something out of legal data collected via the newest law firm technologies available. Good data will generate good decisions, when it is captured, evaluated, communicated, and acted upon in a timely and efficient manner. The firms that have cracked the analytics puzzle are reaping its rewards. Analyzing and gathering data is something that many law firms don’t often do even though measuring the right metrics will increase and greatly improve efficiencies, all the while increasing profitability.
Law firms should measure and analyze data daily because it is the only way to accurately determine the efficiency of their practice and the best use of their marketing dollars. This may feel overwhelming at first, but eventually, it will provide a better understanding of your law firm’s operations and how to optimize your workflow. By having such important data, decisions on business operations and marketing campaigns will become more precise. At the end of the day, you want to be running your law practice like a business and efficiencies and increased profitability will shortly follow.
5 reasons why you should be utilizing reports and analytics at your law firm:
Technology heavily influences the practice of law today. Fast-developing innovation of legal software used for lead generation, conversion rates, and fee generation keep gaining momentum. The emergence of innovative legal analytics is transforming legal services into an era marked by mass customization for certain types of legal practices. The mixture of billable hours plus the value of those services for other types of practices depends on how you take advantage of that technology. Don’t get left behind. Implement intuitive legal analytics into your law firm’s business model today.