We live in a day and age where data is king. Businesses don’t go a week without utilizing business intelligence to make better decisions for their business.
In the legal profession some may think big data and analytics aren’t nearly as prevalent as they are across other industries. But if your law firm isn’t utilizing business intelligence related to your activity, you are missing a major opportunity to improve your business. Here is a list of 4 ways law firms can use business intelligence to improve their firm.
4 Ways Law Firms Can Use Business Intelligence
Identify Their Most Valuable Practice Areas
Tech savvy law firms are capitalizing on their ability to understand which practice areas or case types are bringing in the most money to their firm. By using law practice management software that allows their firm to track income by case type they can understand which of their efforts are bringing in the most cash. Compiling all of this data into easy to understand dashboards, the firm can easily use this legal business intelligence to make successful decisions for the firm.
Getting The Greatest Return On Your Legal Marketing Investment
Getting the best return on your legal marketing dollars is directly related to understanding which case types bring in the most money to your firm. The CosmoLex practice management system can take it a step further. By housing all of your back office accounting and your legal billing and accounting inside the same system, you can easily couple information detailing where your firm’s marketing dollars are spent, and what cases are generating the most revenue to compile a complete legal marketing ROI story for your firm.
Most Valuable Clients
Depending on what type of law your firm practices, repeat business can be extremely lucrative. If you are serving clients that are going to have ongoing business with your firm, it’s good to know which clients are creating the most revenue for the firm. By understanding which of your clients are giving you the most business your firm can do more to secure that additional business from these clients. By not having a good understanding of the data and business intelligence related to your clients, your firm will be missing out on golden opportunities with clients you already know.
Realizing Missing Revenue
Your firm may have experienced some months where you look at your income and think it’s a little on the light side. If you don’t have easily understandable legal business intelligence that tells your firm which clients aren’t sending checks, it’s tough to fix the problem. Compile your legal billing data into easy to understand dashboards so you know which clients to reach out to when necessary.
Compiling and putting legal business intelligence to good use may seem like a daunting task for your firm, but it can actually be made very easy if your firm puts the right tools to use. CosmoLex brings all the systems you need to manage your firm in one place. From there you can take all of the data associated with the different areas and operations of your firm into smart dashboards that allow you to easily and effectively make decisions for your firm.