Legal Management System Blog

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How Law Firms Should Measure Profitability

Using key performance indicators (KPIs) to measure the success of your law firm can help identify what is working well, and help guide strategic decisions for the future. However, a shocking number of law firms don’t use any performance metrics beyond measuring and tracking the hours billed at the attorney and firm levels.

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BI Fundamentals - Metrics from Financial Data to Improve Firm Efficiency

 

The responsibility of for dealing with and tracking your firm’s financial numbers every day doesn’t fall only to the financial department. As a firm administrator, you also need to see and track billable hours, accounts receivable, accounts payable and more. All of the numbers your firm is already capturing can be a gold mine of information to help your firm grow strategically

When you are capturing the right information, and understand how key financial data metrics paint a picture of your firm’s profitability, you’ll be able to make sense of – and use- your business intelligence.

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What Tools Should Your New Financial Management System Come With?

When you are looking for a new legal and financial management system for your law firm, it’s important to be deliberate and thoughtful about what that system can actually do for you, the firm’s partners, associates, and staff. Choosing a system because it has one exciting feature may leave you with buyer’s remorse if you find out later the system doesn’t meet your needs.

Start the process by creating a list of “must-have” features to help improve your firm’s efficiency and cut down on time-consuming tasks. Here are six features our clients tell us are tools they don’t want to live without:

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Gaining Business Intelligence from Your Firm's Financial Data

As a busy law firm administrator, you already know staying on top of hours billed, managing expenses and monitoring profitability are all important tasks for your firm. However, if that is the extent of how your firm is currently using its financial data, your firm may be missing out on key business intelligence insights that can help position it for future growth. But how does business intelligence help improve your firm’s overall efficiency and performance?

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