Law Firm Data Analytics

Data exists everywhere and anything that we do results in more data. Law Firms collect a large amounts of data every day. However, few firms have realized the need for analyzing their data inorder to improve their business.

Integrate LawAnalytix with WakiliCMS our law firm management software and track your Client Growth Rate, File Growth Rate, Billing Realization, Collection Realization, Staff Turn-Over, Financial Ratios, and much more!

  • Improve on Efficiency

    Improve on Efficiency

    With increased ability to gather large amounts of data at a quicker rate and visually representing it, firms can make informed decisions to help achieve specified goals. It helps at building a company culture of efficiency and teamwork in which employees are able to share in the decision making process.

  • Smart Decision Making

    Smart Decision Making.

    The relevance of a business is solely based on decisions. Effective decisions helps in ensuring and fostering growth as opposed to ineffective decisions. Therefore, providing properly analyzed data appropriated conclusions can be made from it. With the correct analysis, we eliminate the errors that arise as a result of decisions made with no support.

  • Predict Future Trends

    Predict Future Trends

    Future trends can be predicted based on the company performance. With current company data and historical performance of the firm, prediction can be made. The prediction on what will happen and suggestions on the best actions to be taken for maximum outcome.

Case Analysis Platform

As an Advocate, would you like to know whether a judge deals more in civil or criminal cases?, or in which courts a judge has worked before? Ever wondered what the outcome of their cases are? Use our Case Analysis Platform to gain Insights on the court Judges. Track:-

  • How many similar cases a judge has presided over
  • The average case duration for similar cases in front of the judge

Client Management

Effective in the analysis of clients and their related data. the clients growth and predictive growth analysis, client retention, client originations and client to file ratios are all analysed in this category. They give a firm a clear understanding on how their client base is doing.

  • Get the client growth rate with a futuristic growth prediction - As the clients increase over the time, the higher the need to check on the rates in which they are increasing. With the client growth rate we can be able to predict the expected clients in the foreseeable future. Informed decisons based on the rates can be made for the betterment of the firm.
  • Client to File Billing Ratio- The ratio illustrates cross-selling success and indicate that the firm is doing a good job at fostering the relationship.
Practice Performance

The firm performance can be analysed in terms of the pracice areas. Observing and analysing practice areas gives the firm an opportunity to review the current performance in order to plan the firm's future.

  • File Growth Rate - Smart decisions can be deduced from the file growth, the report gives the firm's success in service provision.
  • Realization - The report measures the difference of what you record as time and what percentage of that time is paid by the client. The goal of any law firm is to have a 100% billing realization rate.
  • Utilization - The number of billable hours worked divided by the number of unbillable hours in a given month for each Full-Time Equivalent timekeeper (FTE). Analyzing utilization rate can help keep attorneys billable and reduce unbillable tasks by delegating to admin staff.
Expense Management

With the high pressure to minimize costs of the legal services, improvements and changes to the firm's cost structure and accountability is key.

  • Comparative Expense - An expense comparative report shows the effect of business decisons on the company's bottom-line. With expenditure trends the firm can identify the sectors that require more emphasis and those that require less.
  • Expense per Lawyer - A more emphasis on the firm expenditure drilled down to a per-lawyer basis. Knowing the expenditure per an attorney can be used to help the firm define appropriate ways to invest in for their betterment.
  • Staffing Ratio - it is very vital to have an accurate staffing ratio. Balances between the number of employees and the strain on the resouces can be achieved by proper analysis of the staffing ratio.
Partner Performance

In today's age clients demand more than just billable hours as the pricing model, it is therefore necessary for a firm to get an alternative pricing method or fee arrangements. This has driven to the need of acquiring an accurate performance of a partner.

  • Working Attorney Fees - The measure of attorneys as part of the general timekeeper profitaility and productivity help in achieving the value of a firm's actual profitability.
  • Billable Hours - The report gives a measure of an attorney's productivity. Knowing the attorney billables and comparing with the billed amounts can be used to measure the performance of an attorney and the firm in general.
Firm Performance

In today's legal world, there is an increased need for better metrics for the management of law firm business. 'Profits per Partner' has been the traditional measure of a firm's performance, Full-Time Equivalent (FTE) measure is also required to allocate revenue and profits.

  • Profit / loss per partner - Profit per partner has always been the single most important statistic in evaluating law firms performance and thus arriving at an accurate firm profit can help the firm reflect on their PPP.
  • Profit / Loss per Equity Partner - PPEP is a usefuls report in measuring the firm's performance. As there are many other metrics for firm performance PPEP still maintains as the “headline figure”. Firm ranking has always been achieved by taking the profits per Equity Partner as a factor.
  • Revenue per Partner - The report gives the total revenue collected in a year and an average collection per Partner.
Balance Sheet and Risk

To asses the financial state of the firm as per its capital structure we require balance sheet metrics. This metrics include, debt to equity ratio, capital per partner, debt to net fixed asset ratio.

  • Profit per Partner - This is a good metric for ranking law firms. Think about it. If you needed a quick method to assess the financial health of 100 law firms, using PPP partially removes size from your analysis and will bring you closer to identifying firms that are doing well, and those that are not.
  • Debt / Equity Ratio - Calculated by dividing a company’s total liabilities by its shareholder equity. This ratio reflects the ability of shareholder equity to cover all outstanding debts in the event of a business downturn.
  • Debt / Net Fixed Asset Ratio - This is a leverage ratio that measures the amount of total assets that are financed by creditors instead of investors. In other words, it shows what percentage of assets is funded by borrowing compared with the percentage of resources that are funded by the investors.
Management and Leadership

There is an increased need for real change and improvement in the management of a law firm which has necessitated the requirements for a sophisticated and informed methods at managing human capital.

  • Fee / Revenue Growth - Revenue growth illustrates the increases and decreases over time identifying trends in the FIRM.
  • Employee Turnover - The percentage of workers who leave an organization and are replaced by new employees. It is important to the partners and employers who want to examine the reasons for turnover or estimate the hiring cost for budgeting purposes.