Think you know how to use attorney software to measure performance


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Think you know how to use attorney software to measure performance

  1. 1. Think You Know How ToUse Attorney Software To Measure Performance? Presented by: LexisNexis
  2. 2. 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.
  3. 3. 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.
  4. 4. 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.
  5. 5. 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.
  6. 6. 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.
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. 10. 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.