Managing your own law firm can take you a bit outside of your comfort area as a lawyer. Once you begin to manage your own firm, you’re no longer just a lawyer- you’ve decided to pull double duty and become a businessman as well.
Aside from being a good lawyer you need to become mindful of the strengths and weaknesses surrounding your practice. One method that is particularly effective in doing this is to track income by practice area. Tracking your firm’s income by practice area creates new sets of valuable business intelligence for your firm. By doing this you will begin to understand:
- Which case types produce the most revenue.
- Where your firm should invest their marketing dollars.
- Which practice areas aren’t worth your firm’s time.
Of course all of this sounds like a no brainer. Why wouldn’t every firm do this? The truth is while it is a great idea, it isn’t always easy to carry out. With different case types or practice areas calling for different methods of billing, tracking income and the accounting for your law firm can become difficult. That is of course, if you don’t have the appropriate practice management solution in place.
Lawyers who have found themselves outside of their comfort area as businessmen need to implement a practice management solution that can help them run an efficient business. The CosmoLex Practice Management System allows each of the attorneys at your firm to track their time and associate it with a case type. Removing any manual calculation needed to determine the which case type are generating the most revenue for your firm.
Once your firm begins to easily understand where you can generate the most revenue, you can begin to explore your marketing and time investments by case type- creating a valuable ROI story for your business, that will allow you to make the best decisions associated with your firm’s time, money, and personnel.
Start making better business decisions for your firm today and try CosmoLex for free.