Think you know how to use attorney software to measure performance
Think You Know How ToUse Attorney Software To Measure Performance? Presented by: LexisNexis http://www.lexisnexis.com
Measuring Performance With Attorney Softwaren Measuring performance is the ﬁrst step towards improving a ﬁrm’s efﬁciency.n Legal software makes measuring performance easy, but there are six common mistakes that many ﬁrms make when trying to measure performance.
Mistake #1: Not Putting The Data Into Contextn Legal software can give you report after report of statistics on your ﬁrm’s performance.n However, without context, this data doesn’t mean anything.n If a manager understands how this data corresponds to performance, then they can make effective decisions that can positively impact performance.n Focusing on a few key metrics is a better plan than trying to incorporate everything into a report.
Mistake #2: Focusing Only On Numbersn Income and billable hours are important and easily understood metrics when it comes to determining success.n However, it is important to not only focus on this, but to remember intangible values such as repeat business or client satisfaction rates.n Consider hiring a third party ﬁrm to survey clients about their experience. This helps ensure that you receive unbiased feedback about your ﬁrm.
Mistake #3: Manipulating The Numbersn Some attorneys may be tempted to boost the numbers of hours billed per month or other measurable statistics.n This is often not deliberate, but an unintentional side effect of benchmarking and operating to a performance metric.
Mistake #4: Forgetting About The Futuren Focusing on past performance or spending too much time trying to match last year’s ﬁnancial performance is a big mistake.n Changes to the marketplace need to be addressed and met head on to avoid making the same mistake year after year.n It’s important to remember past performance as a reference, but you need to also consider how to grow the company in the current environment.
Mistake #5: Ignoring The Competitionn It’s important to measure against yourself, but you also need to remember the competition to see how you measure up against others.n You can compare your ﬁrm against others in your region or those that handle the same types of cases.n Don’t be afraid to use attorney software to measure yourself against ﬁrms that are much larger. The basic principles of efﬁcient operation won’t be different.
Mistake #6: Becoming Complacentn Many ﬁrms become complacent as long as their legal accounting software shows a proﬁt.n Instead of sitting back and relaxing, prepare and implement a strategic plan to grow.n The plan should seek out new clients or sectors of the marketplace.
Using Attorney Software To Benchmarkn Benchmarking with attorney software is only as effective as the expertise and policies behind it.n Use performance measurements to chart a course to future success.
About LexisNexisn LexisNexis is a leading provider of content- enabled workﬂow solutions designed speciﬁcally for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets.n The company can customize its products to the needs of the modern law ﬁrm and offers unique features that generic software solutions cannot.