We believe that in order for a law practice to thrive, it must operate like a business. A key component of operating like a business is understanding metrics and gaining insight in order to understand how the business is operating – what is working and what can be improved. This is displayed in our guiding principles – what isn’t MEASURED cannot be IMPROVED. As a result, we offer real-time data with comprehensive reports and analytics to help you better understand the business side of your practice.
When creating a new matter in CARET Legal, you can identify who referred the case to you. Referrals are among the most important sources of new business for law firms. Showing appreciation for those that send clients your way can help promote more referrals over time. CARET Legal’s Referral Report can provide a detailed analysis of where your referrals are coming from, the value of each case broken down by Billed and Realized amounts. Therefore, if a referral source is sending you deadbeat clients, you may not want to show as much love. In most cases, the Referral Report will help you pinpoint your best sources for new clients so you can show them your appreciation.
As a side note, when you show your appreciation to your referral sources with a gift, be cognizant of ethics rules pertaining to fee sharing with non-lawyers.