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Legal firms are extremely competitive. Associates are under pressure to generate revenue and careful records of every single aspect of any case or instruction are kept. Clients are billed for every action. That is why statistics for lawyers are kept so meticulously. If these records are not kept, the profitability of individual cases cannot be determined accurately and it would be difficult to provide clients with itemized bills.
A law firm is not a charitable organization. It is a business and it is focused upon making money. They sell expertise and solutions to problems and they charge by the hour or even portions of an hour. That is why they need to keep very careful records of everything they do for a specific client. The client will have to pay for every effort made on his behalf.
Very few attorneys work alone. In most cases they are part of large firms that employ legal experts that have various levels of expertise. A senior attorney normally has a team that works with him. By assigning routine work to team members that cost the firm less than a senior attorney, profits can be increased because the senior attorney can occupy himself with more profitable work. This type of delegation also requires exact record keeping.
Big legal firms vie for the business of large corporations. They can only succeed if they are able to show accurate records proving their success rate in court, their ability to handle a wide variety of cases and their ability to deal with matters speedily. In order to do this, they must record every aspect of every case that they handle.
Legal firms do not just keep records of the performance of their own firm. They also keep extensive records of the entire legal industry. In this way they can measure themselves against the performance of opposition firms. These records are also used in marketing efforts and in setting goals for the firm. Such records are even used for recruiting purposes.
Many attorneys accept cases on a contingency basis. This means that they will accept a percentage of the cash settlement if they win the case. If not, the client will not pay any fees. Of course, such cases must be accepted only if there is a reasonable chance of winning. Attorneys use sophisticated industry wide records of similar cases to make a decision on whether to accept a specific case or not.
Many firms quote their clients a flat rate for certain types of cases. They can do this with a large measure of security because they have been keeping detailed records. They know how much time, correspondence and effort it takes to represent somebody in an uncontested divorce, for example. Many clients prefer a specific quotation because they are worried about unexpected bills that fall outside their budgets.
If legal firms do not keep meticulous statistics they cannon bill accurately and they cannot manage their case loads. Detailed records are vital to keep the firm competitive and to maximize profits. Every successful firm places a very high priority on accurate record keeping.
A law firm is not a charitable organization. It is a business and it is focused upon making money. They sell expertise and solutions to problems and they charge by the hour or even portions of an hour. That is why they need to keep very careful records of everything they do for a specific client. The client will have to pay for every effort made on his behalf.
Very few attorneys work alone. In most cases they are part of large firms that employ legal experts that have various levels of expertise. A senior attorney normally has a team that works with him. By assigning routine work to team members that cost the firm less than a senior attorney, profits can be increased because the senior attorney can occupy himself with more profitable work. This type of delegation also requires exact record keeping.
Big legal firms vie for the business of large corporations. They can only succeed if they are able to show accurate records proving their success rate in court, their ability to handle a wide variety of cases and their ability to deal with matters speedily. In order to do this, they must record every aspect of every case that they handle.
Legal firms do not just keep records of the performance of their own firm. They also keep extensive records of the entire legal industry. In this way they can measure themselves against the performance of opposition firms. These records are also used in marketing efforts and in setting goals for the firm. Such records are even used for recruiting purposes.
Many attorneys accept cases on a contingency basis. This means that they will accept a percentage of the cash settlement if they win the case. If not, the client will not pay any fees. Of course, such cases must be accepted only if there is a reasonable chance of winning. Attorneys use sophisticated industry wide records of similar cases to make a decision on whether to accept a specific case or not.
Many firms quote their clients a flat rate for certain types of cases. They can do this with a large measure of security because they have been keeping detailed records. They know how much time, correspondence and effort it takes to represent somebody in an uncontested divorce, for example. Many clients prefer a specific quotation because they are worried about unexpected bills that fall outside their budgets.
If legal firms do not keep meticulous statistics they cannon bill accurately and they cannot manage their case loads. Detailed records are vital to keep the firm competitive and to maximize profits. Every successful firm places a very high priority on accurate record keeping.
About the Author:
Statistics for Lawyers is a site that explains and discusses aspects of statistics that are significant to the legal profession. For more details, visit us on the Web today at http://www.statisticsforlawyers.com.
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