The Importance Of Detailed Statistics For Lawyers
Legal practices sell knowledge, expertise and skills. This means that they sell hours and they have to be able to account for the work done during each hour they charge to a specific account. This is why it is so important to keep track of every action, including telephone calls, emails and even time spent researching a case. That is why most legal practices use sophisticated systems to keep statistics for lawyers.
One of the reasons why legal statistical systems are so complex is because attorneys must not only be able to record the work that they perform on a case, but they must also be able to justify why the work was necessary. This means that attorneys must always be conscious of which client it is that should be billed for the work he is currently performing.
Most attorneys are employed by large legal firms. Attorneys work in teams and they often employ a large number of support staff. The idea is to have junior personnel perform as much of the work as is possible while the senior attorney attend to the more complex aspects of the case. In this way the firm can maximize its profits but it is necessary to keep exact records at all times.
Firms also keep records to use in their marketing efforts. Large corporations will only make use of a firm that can satisfy all their diverse needs. Firms therefore must be able to prove their capacity and their experience in handling diverse legal matters. Potential clients will also need to know how successful the firm has been in terms of outcomes.
Attorneys do not only keep records related to their own firms. Large firms keep extensive records covering rival firms. They also keep records of all important cases brought to the courts. In this way they can compare their own performance against the industry as a whole. This can help with the development of operating strategies and marketing plans. Such records are sometimes even used for recruiting promising attorneys.
When firms accept cases on a contingency basis they are gambling that they will win the case. This is because clients in these cases do not pay the attorney. Instead, the attorney receives a percentage of the final settlement amount. Firms do not gamble blindly in such cases. They use their statistics to mathematically calculate the likelihood of success before accepting the case.
In many cases law firms quote their clients a flat rate for specific types of cases. The only reason why they are able to do this without suffering financial losses is because they keep such detailed records. They therefore know almost exactly what amount of time and effort will be required to deal with straight forward cases such as property transfers and uncontested divorces.
Legal firms expect their attorneys to be productive and profitable. They need to spend their time on those activities that will generate the highest possible income. In order to do this it is necessary to be able to account for every minute spent on a case and this require a sophisticated record keeping system.
One of the reasons why legal statistical systems are so complex is because attorneys must not only be able to record the work that they perform on a case, but they must also be able to justify why the work was necessary. This means that attorneys must always be conscious of which client it is that should be billed for the work he is currently performing.
Most attorneys are employed by large legal firms. Attorneys work in teams and they often employ a large number of support staff. The idea is to have junior personnel perform as much of the work as is possible while the senior attorney attend to the more complex aspects of the case. In this way the firm can maximize its profits but it is necessary to keep exact records at all times.
Firms also keep records to use in their marketing efforts. Large corporations will only make use of a firm that can satisfy all their diverse needs. Firms therefore must be able to prove their capacity and their experience in handling diverse legal matters. Potential clients will also need to know how successful the firm has been in terms of outcomes.
Attorneys do not only keep records related to their own firms. Large firms keep extensive records covering rival firms. They also keep records of all important cases brought to the courts. In this way they can compare their own performance against the industry as a whole. This can help with the development of operating strategies and marketing plans. Such records are sometimes even used for recruiting promising attorneys.
When firms accept cases on a contingency basis they are gambling that they will win the case. This is because clients in these cases do not pay the attorney. Instead, the attorney receives a percentage of the final settlement amount. Firms do not gamble blindly in such cases. They use their statistics to mathematically calculate the likelihood of success before accepting the case.
In many cases law firms quote their clients a flat rate for specific types of cases. The only reason why they are able to do this without suffering financial losses is because they keep such detailed records. They therefore know almost exactly what amount of time and effort will be required to deal with straight forward cases such as property transfers and uncontested divorces.
Legal firms expect their attorneys to be productive and profitable. They need to spend their time on those activities that will generate the highest possible income. In order to do this it is necessary to be able to account for every minute spent on a case and this require a sophisticated record keeping system.
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