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How can you avoid wasting time at your firm? The answer lies in implementing the right time tracking and billing technology.
Law firm leaders understand the concept and importance of profitability. Nevertheless, in many practices, expenses and revenue are not reviewed on a regular basis. While your firm may be focused on other aspects of maintaining business, it is imperative that steps are taken to ensure your firm continuously reviews its
By keeping in touch with your network and actively building new connections, you’ll move closer and closer to potential clients. A larger, stronger network increases opportunities for new client referrals. If your firm’s referrals have declined, it may be time to review your marketing and networking efforts.
The goal of all law firms is to be profitable, but achieving that goal can be difficult for some lawyers. Generating income is, obviously, the first step towards making a profit; of course, income can only be generated if billable hours are accurately recorded and invoiced to clients, and if
In most law practices, a qualified professional can predict the costs associated with operating a firm relatively accurately. Most expenses are easily forecasted including salaries, facilities and technology. However, revenue is a bit more difficult to predict.
Legal professionals use a wide variety of tools and methods for tracking time spent on billable matters. Some are sophisticated, while others are more problematic and error-prone; for example, lawyers who use giant spreadsheets that are updated at the end of each day or week or sticky notes to jot
Law firm KPIs, or key performance indicators, are metrics used to evaluate specific goals and aspects of your firm’s success. By tracking KPIs, you obtain valuable data that provides insight into how your firm is functioning and whether your performance is meeting your expectations across specific areas.
Getting the most out of your law firm data analytics is easier than you think. It starts with answering five basic questions.
Measuring the productivity and profitability of your timekeepers is rarely straightforward. There is, of course, the hourly rate and total billable hours for any given matter, but that fails to look at all the different variables: differing rates by matter or client and time spent on the matter that can’t
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