flexmanage – Law Firm Management Analytics
Law Firm Management Analytics provides actionable insights for legal firm business operations by analyzing the key performance indicators that are essential to optimal performance and profitability.
The practice of law is a profession, but a law firm is a business and must be managed like a business. Most firms have managing partners and most managing partners do not have formal business training. Furthermore, most managing partners are expected to bill as well which means that the time spent on management takes away from their profitability. The way to address this is by putting the data in front of these managers that is of utmost importance to the firm so that informed decisions can be made rapidly and actions taken.
- Reflect the firm’s strategy and goals
- Be key to the firm’s success
- Be quantifiable
- Transaction-focused firms will have different KPIs than relationship-focused firms
- Billable-hour-driven firms will have different KPIs than tariff-driven firms
- Firms at a growth stage in their life cycle will have different KPIs than firms at a succession or mature stage
Client: We profile each client, the kind of work performed for them, the revenue they generate and their value based upon the share of the firm’s revenue that they represent.
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