Time IS Money: 3 Ways a Legal Analytics Solution Closes the Gap Between Lost Time and Lost Revenue
In your industry, time literally IS money. It’s easy to see that the two are inextricably tied together, but that’s the only thing easy about the complex inner workings of a law firm and the lives it impacts. LawKPIs, an innovative analytics solution for law firms, impacts the top three critical areas of law firm management that are impacted by the relationship between time and money:
BALANCING PRACTICE MANAGEMENT & REVENUE GENERATION
Even if you’re using a quality Legal Practice Management System (LMS) like Clio, it can be a challenge to quickly access key metrics and data so you can make informed and confident decisions.
So, you spend untold hours on the frustrating process of manually creating reports from separate systems like Google Analytics and Quickbooks to learn what is impacting your profitability. Even after all your effort, some KPIs may remain hidden, while others reveal key areas of wasted time and lost revenue, but at what cost? It’s important information, but how much time (and thus, money) is spent each week or month to gain that insight? How many billable hours are lost in the process?
Almost every inefficiency impacts profitability. An integrated analytics solution created specifically for law firms is the best way to put your Clio data into quickly accessible and actionable insights that allows you to pinpoint needed areas of improvement.
LawKPIs automates manual and error-prone report building and billable hour tracking so that attorneys can focus on high-value client work. Our automated reports are completely integrated with Clio, and our clients see a high ROI within months of implementing the solution. Here’s how one of our clients puts it:
“Before using LawKPIs, getting the data we needed was possible, but only with manual extractions and manipulations which are time-consuming, expensive, and inconsistent.
LawKPIs automated that process and ensured that we were comparing apples with apples on a timely basis. Where we had a need for customized reports, the people at LawKPIs worked with us to understand what we were looking for and then they built it for us. As a result, we have a much better yardstick with which to measure our firm’s vital signs.”
John Drapp – Founder- Partner
Drapp & Jaumann, LLC
INVESTING IN GROWTH STRATEGIES
Because of the necessary interplay between practice management and practicing law, growth strategies require more than simply doing what you already do, only faster. To be sure, that’s an important first step because it gives you more time to focus on potentially underserved practice areas, such as matter management, fee and budget allocation, and more.
Acquiring new clients is a key goal, but you’ll need to invest in marketing and cultivate quality referrals to get them. Retaining them will require more staff. To stay competitive, you’ll need technology that streamlines client interactions (i.e. E-signatures and digital document storage) and raises collection rates.
Most importantly, every step of the way, you will need easy access to reporting to continually monitor the ROI of every growth decision and tweak the balance between practice management and law. Are your marketing efforts focused and effective? Where are your leads coming from? Is your agency utilization rate growing? Keeping your finger on the pulse should not be hard.
LawKPIs provides both customized and standard, out-of-the-box reports to Clio users to improve profitability, increase customer acquisition and reduce churn. We help you focus on continuously improving your practice management to guide you through all stages of growth.
YOUR PERSONAL LIFE
You might not automatically link your firm’s management with your personal life, but maybe you should. The cost to your health for stress, overwork and frustration is high. Today we know that better control and confidence in decision-making can play a major role in your energy and longevity. We know the health benefits of a balanced life.
The relief an integrated legal analytics system can bring is not an exaggeration. LawKPIs takes the burden of accessing quick and actionable legal reports off your shoulders so you can take back your time.
No one willingly decides to forfeit their quality of life for career success, but it happens all the time. Better legal analytics management tools are the key to saving time and money so you can enjoy the balance and success you deserve.
Learn how LawKPIs, specifically designed to integrate with Clio, can give you back your time, increase profitability, and help you grow your firm.
Learn more about getting your time back with LawKPIs.
LawKPIs Overview Video