Growing Your Business with Law Firm Analytics Software — without changing your case management system
You’ve heard it before, but it’s more important than ever now: you should run your law firm just like you would run a business. In truth, you don’t own a law firm. Rather. you own a business that sells legal services. In order to sustain your growth consistently year after year, you must focus on key data points. By relying on data, and tools that can meaningfully analyze that data, you can continue to push the boundaries of growth and profits every year.
Law firm analytics has come a long way in the last few years. Business analytics refers to reports, dashboards, and interactive visualizations of data, as well as the insights that arise from analyzing this data. Ideally, customizable business analytics allows a law firm manager to see meaningful insights and actionable intelligence. Unfortunately, a number of firms are still relying on limited, server-based case management that lacks such analytics.
Why should you care about law firm analytics software?
These analytics not only aid in daily case management, but extend to every facet of your operations. This includes everything from business development to marketing and staff productivity. The best law firms and lawyers use data and reports to manage caseloads, to negotiate case resolutions, and to estimate case outcomes. No more guesswork: confidently predict the growth you can expect next quarter or year using pinpoint data and tools.
Insights from refined data provide great value in making decisions. For example, data may help determine the most effective ways to market the firm. Data can also be used to score and identify potential cases. Management may also use data and reports to ensure employee resources are optimized and on task, to keep the firm running as efficiently as possible, and to track financial progress.
Business Analytics and Informed Decision-Making
Attorneys know that important decisions should be informed ones. Nevertheless, many somehow find themselves running their firms without consistent and comprehensive business analytics. Law firm analytics software represents the core of a data-driven practice. Both law firm managers and their clients want a combination of good results and speed. Undoubtedly, data analytics is the best way to accomplish that result. If you are a personal injury firm, you can be sure that the insurance industry is using analytics and Deep Neural Networks of machine learning to protect their interests. They have been utilizing specialized teams of eager data scientists for years.
Measuring the Process of Profitability
Many law firms now focus only on the end result and how much money they got — without a lot of attention paid to throughput and how fast they got to that result. It’s not just how much that clients care about; it’s also how quickly matters get resolved. Ultimately, how fast you can move cases without sacrificing value is a huge driver of profit.
Case in Point: If a firm is resolving cases too quickly, quality is likely sacrificed; the pace might be good but the average fee is not going to rise. On the other hand, if the firm is getting really good results but spending years to resolve what should have taken months, both the firm and its clients are losing. Ask yourself what an additional case per day, week, or month is worth to your firm.
In order to gauge the efficiency of initiatives, certain baseline information must be captured and tabulated. Efficiency comes from removing waste from your process, whether that waste takes on the form of mistakes, the slow cogs of bureaucracy, things sitting at the bottom of someone’s pile, or just stages where things are stagnating, untouched and unmoving. Being able to shine a spotlight on stagnating cases allows you to focus on removing the roadblocks. Optimizing your firm’s productivity is good for your clients as well as the firm’s bottom line.
GrowPath Insight: Simple, Customizable Data Visualization
If you’re slogging along with Needles or another case management system with limited business analytics, but aren’t yet ready to switch software systems, GrowPath Insight can propel you forward. GrowPath’s business intelligence reporting is now available for the first time as an independent solution — meaning you can stay with your existing case management software.
See data in a whole new way through GrowPath Insight – without replacing a thing. Schedule your demo today and allow us to illuminate the possibilities.