Performance measurement is an important metric for many businesses, but it has traditionally carried less import for law firms. However, that is changing, thanks to new technology. Today’s law firms must be able to measure performance in a wide range of ways and for a number of different reasons, ranging from in-house bench marking and process improvement to marketing. Ultimately, performance measurement is all about understanding your business, which is vital for informing just about everything your practice undertakes. The right technology can help here.
Analyzing Data
When it comes right down to it, law firms are actually in the business of analyzing data. It could be information about previous workers’ compensation cases, or data surrounding legal precedents. It might be anything, really. The faster (and more accurately) your firm is able to analyze data, the faster you can arrive at informed decisions and take action to support client outcomes. Of course, computers are far superior to human beings when it comes to data analysis, and new algorithms allow you to free time from mundane tasks to focus on building stronger client relationships.
Managing Caseloads
How much time do you and your team spend balancing and managing caseloads? Just scheduling interviews and initial and follow-up meetings can be incredibly time consuming. Of course, all that time could be better spent doing something more productive. Digital technology can help you manage your caseloads better, measure firm performance in this area, and more.
Forecasting Outcomes
Performance measurement isn’t all about tracking time. It can also include predicting how a particular action or even a case will turn out based on information about previous decisions or other similar cases. As an attorney, you can make an informed guess here, but technology is increasingly more accurate in forecasting outcomes thanks to the ability to sort and immense amounts of information in very short periods of time.
New Client Intake
Should you take on that new client? Do you have too much on your plate already? Is the case worth your attention? Can you spare the time? Performance measurement via the right technology can help you make important decisions that impact practice operation and client outcomes by determining whether you should take on a new client or if it would be better to wait.
Performance measurement via technology is becoming more and more important for practices of all sizes, in all areas of law.
