Think You Know How To Use Attorney Software To

Measure Performance?Presented by:LexisNexis

http://www.lexisnexis.com

Measuring Performance With Attorney Software

n 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.

Mistake #1: Not Putting The Data Into Context

n 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.

Mistake #2: Focusing Only On Numbers

n 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.

Mistake #3: Manipulating The Numbers

n 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.

Mistake #4: Forgetting About The Future

n 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.

Mistake #5: Ignoring The Competition

n 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.

Mistake #6: Becoming Complacent

n 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.

Using Attorney Software To Benchmark

n 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.

About LexisNexis

n 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.