An ongoing challenge faced by law firms is how to be a fierce client advocate and a great business operator at the same time. Billing management, particularly, is a major problem, with a recent Georgetown Law study estimating that law firms collect only 71 percent of the work they perform.
Law firms can solve this problem by gathering and analyzing data to aid in their business decision making process.
In this practical guide, we’ll discuss vital numbers and key performance indicators (KPIs) law firms should be looking at to determine their financial health and productivity.
We’ll also look at six “Advanced Analytics” reports that we at Rocket Matter developed for small and mid-size firms. The reports— which were built based on feedback from law firms, deep data analysis from thousands of users, and extensive research, are designed to help law firms gain a thorough understanding of their business in order to make decisions that accelerate revenue and boost profits.
We also demonstrate how to use law practice management software to automate the process of storing and analyzing the collected data.