Legal practitioners, especially those employed by large firms are extremely conscious of the number of billing hours they charge to their clients. They have to keep track of every aspect of a case or an assignment because every phone call, fax, email or court appearance is charged. Some activities generate more income than others. That is why statistics for lawyers are deemed an important part of their professional lives.
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.
No attorney work alone. They have teams that have different skills and qualifications. The work performed by junior members of the team cost the firm less, but it can still be charged at standard rates. Senior attorneys therefore delegate some tasks to junior members wherever possible. Of course, when several members of the team work on the same case it is vital to keep accurate records.
Accurate records are also vital for legal firms when they bid for new business. Potential clients, especially large corporate companies, will want to know what the capacity of the firm is. They will also want to know what the success rate of the firm is, the time that they require to deal with various cases and the experience they have in dealing with the many different types of legal issues.
Legal firms do not only keep records of their own performance. They need to be able to compare themselves with their competitors and the only way in which to do this is to study the performance of those competitors. In many cases this information may lead to the identification and recruitment of particularly promising attorneys. Industry records also help firms to develop operations strategies and long term goals.
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 attorneys keep long term records of routine cases. This allows them to opt for quoting a client a flat rate in certain instances. This is especially the case in matters where the attorney can be reasonably certain about the amount of work that will be required to finalize the case. Clients are often apprehensive about being charged hourly rates because the final bill may far exceed their budget.
No legal firm can hope to be profitable and successful if they do not keep detailed statistics. In some firms there are experts employed to perform this task. Accurate records can help to increase both productivity and profitability.
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.
No attorney work alone. They have teams that have different skills and qualifications. The work performed by junior members of the team cost the firm less, but it can still be charged at standard rates. Senior attorneys therefore delegate some tasks to junior members wherever possible. Of course, when several members of the team work on the same case it is vital to keep accurate records.
Accurate records are also vital for legal firms when they bid for new business. Potential clients, especially large corporate companies, will want to know what the capacity of the firm is. They will also want to know what the success rate of the firm is, the time that they require to deal with various cases and the experience they have in dealing with the many different types of legal issues.
Legal firms do not only keep records of their own performance. They need to be able to compare themselves with their competitors and the only way in which to do this is to study the performance of those competitors. In many cases this information may lead to the identification and recruitment of particularly promising attorneys. Industry records also help firms to develop operations strategies and long term goals.
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 attorneys keep long term records of routine cases. This allows them to opt for quoting a client a flat rate in certain instances. This is especially the case in matters where the attorney can be reasonably certain about the amount of work that will be required to finalize the case. Clients are often apprehensive about being charged hourly rates because the final bill may far exceed their budget.
No legal firm can hope to be profitable and successful if they do not keep detailed statistics. In some firms there are experts employed to perform this task. Accurate records can help to increase both productivity and profitability.
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