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Many law firms are using spreadsheets as a way to analyze performance data.  Let’s say that your firm does what the average firm does – you have a team of 4-5 people who analyze data on a spreadsheet.  Those five people spend an average of an hour per week updating the spreadsheets.  That’s five hours of work per week and 20 hours per month.  Assuming your people cost $50 per hour (once benefits are figured in), you are looking at $1000 per month spent solely on updating spreadsheets – and that doesn’t even figure in the cost of analyzing them. 

Additionally, issues come up within the use and updating of spreadsheets on a team.  According to recent research, 64% of law firms report that the use of spreadsheets results in the following issues: 
1.  Prioritization with tasks
2.  Missing information (multiple people updating a spreadsheet that may or may not be based on updated information)
3.  Unrealistic and unattained project goals

Wouldn’t it be nice if there were an easy to use reporting platform that would instantly sync with your current practice management software to help solve this problem?

We thought so, too. That’s why we created firmTRAK.

firmTRAK will sit on top of your current practice management system to automate reporting and analysis of key performance indicators that will help drive the success and growth of your law firm.  No more spreadsheets to analyze using a team of people.  The information is instantly configured and available at your fingertips.

You went to law school to follow your passion for helping people with their legal needs, not to become a software engineer.  That’s where we come in.

To see how simple it is for us to help your law firm, please check out this short video:
https://youtu.be/pz_5kpUZ2PY

“Over the next two decades, the way in which lawyers work will change radically. Entirely new ways of delivering legal services will emerge…” — Richard Susskind

The verdict is in – change really is inevitable. Even the legal profession couldn’t stay away from technology and embracing metamorphosis through intelligent performance assessment tools is crucial for modern law firm development. Tracking core functions such as billable hours, matters and account receivables through spreadsheets or basic diagnostic charts no longer provides the intuition necessary for growth within an industry driven forward by consolidation, globalization and advanced technology.

Now the question arises – How do we revolutionize assessment methodologies to improve law firms processes?

Of late, law firms have been experiencing performance pressure in different spheres. Areas such as project management, employee engagement, expense management and customer relations have direct correlation to law firm success.  The data necessary to measure and validate these items is available within your existing practice management capture, however, traditional assessment methodologies are unable to deliver intelligent, visualized results.

With the advent of AI based machine learning, existing business data is now your most powerful asset. Legal analytics and KPI reporting driven by intuitive algorithms easily identify and predict profitability, billing patterns, cycle times, workload and overall firm health. Digitizing a law firm enables automated chatbots, drives marketing efficiency and optimizes decision making.

How law firms can prepare for the change?

Change is hard. Changing someone’s mindset is even harder. Changing a long standing, respected, intelligent industry…well, that’s nearly impossible.  However, adapting the necessary technology and integrating your existing system is not a tough nut to crack. Before changing your practice management system, employee procedures, billing practices or decision-making methods, simply plug an intelligent reporting tool on top of your existing management system and see your law firm digitally come to life. Opening a new world of assessment strategies, projection techniques and innovation is accomplished with a few clicks of a button.

The legal industry has been inefficient in employing business intelligent systems, but mindsets are evolving due to increased computing power and improved machine learning technology access. Top law firms across the globe either use or are piloting some form of AI system to empower their business. Organizational  KPIs are trending. Key indicators tracking  financials, account receivable  aging , revenues, expenses, billable hours, matters  and client activity  provide data-driven results producing organizational consistency, process efficiency and sustainable growth. Todays consumer demands top-shelf knowledge with world-class service at discount prices. Competing for business in the information age has spread beyond local economies and requires agility and continual improvement. Put your existing data to work for you and thrive as a modern law firm.