What are data analytics?
Data analytics is a method used to gather, process and examine sets of raw data to determine how a business operates to meet their business goals. Analytics helps firms to make predictions and , in turn, helps them to make better decisions based on calculated risks, past trends and future predictions. As machine learning grows, more types of data sets can be retrieved and analysed.
In recent years, data scientists have become some of the most valuable assets to business operations, especially for law firms and those within the professional services industries.
Data Analytics for law firms
Many law firms are turning to data analytics to achieve business growth and to assist with identifying opportunities, building client relationships and increasing profitability.
In the current competitive fast paced legal industry, the ability to predict and react to changing circumstance is paramount to a firm’s success. Furthermore, the ability to do this is substantially improved when in-depth data can be retrieved at any desired time, and a case management system report, such as a Proclaim report is a reliable and effective means of achieving this.
Consequently, a key facet of any successful business is the ability to recall and analyse large volumes of data as and when needed in a meaningful manner. Whilst some case management systems come with out of the box reports, most businesses soon find they need to develop their own bespoke reports to cover their unique business needs.
Why should I be interested in data analytics for law firms?
We are in a digital age which provides us with the opportunity to examine extensive data sets with greater ease and more scrutiny. Further, with the expansion of fixed costs throughout much of the legal industry, it is important to ensure all processes are conducted in the most cost-effective manner. MI reporting and legal analytics can greatly assist in improving profitability and reducing inefficiency.
Some examples of data analysis include identifying and managing key bottlenecks in processes, or determining the most profitable behaviours. Reporting data to external agencies on issues such as WIP and case progression can also be greatly reduced to the click of a single button, or none at all, if you wish to receive them automatically via email at scheduled times.
Predictive analytics within the legal services industry can help to improve client relationships and assist your firm in making informed decisions using artificial intelligence.
Data analytics reporting examples for law firms
- Progression Reports – Are tasks being completed on time, are files being progressed as quickly as they should be?
- Age Reports – What is the age of your caseload?
- Fee earner reports- Are fee earners completing their tasks on time- how many billable hours are being completed by fee earners?
- Profitability – Who is generating the most profit overall/per file, per claim type or per department? Which types of cases are generating the highest profits? Which types of cases should firms focus on within their marketing in order to obtain the highest levels of profits?
- WIP – Calculate the total firm WIP for reporting purposes, or in relation to certain case types or file handlers.
How can LPS Assist?
Legal Practice Support are a data driven law firm tech company, with many years of experience working within the legal market. Here at We have extensive experience in creating versatile and detailed reports to provide a range of different business functions.
Financial, Management Information, Dashboard, KPI and Trend Reporting are some of the key areas in which we are skilled. In doing so, we have been able to enable many of our clients to obtain and analyse information, which in turn, has aided them experience the growth they desired.
Furthermore, with the correct setup in your case management system, you can ensure that all key data reports are scheduled to run automatically and to be disclosed to predefined contacts or locations at specified times. Thus, ensuring fee earners are never missing the information you need to make key business decisions.
So, should you need to know how long it takes on average for a settlement to equate to physical money in your office account, we can assist. Should you wish to know how many cases lack CNFs, again not a problem. Or perhaps you just want a firm wide summary of how many cases your business has and how many are within different key stages, again we can help.
Whilst we excel in building advanced case management reports, perhaps more importantly its our ability to spot where your business would benefit from a report that really makes the difference.
If you would like to discuss how a developer from the LPS team could assist your law firm, please do not hesitate to contact firstname.lastname@example.org for further information or visit our website.