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.
Legal firms aim to make money. They do this by selling their expertise to their clients. The expertise is sold in units of hours. This is why they need to keep meticulous records of everything that they do on behalf of a client. If they do not keep records, they will not be able to charge the client for every separate aspect of the work they have done.
Very few attorneys work alone. In most cases they are part of large firms that employ legal experts that have various levels of expertise. A senior attorney normally has a team that works with him. By assigning routine work to team members that cost the firm less than a senior attorney, profits can be increased because the senior attorney can occupy himself with more profitable work. This type of delegation also requires exact record keeping.
Another reason why legal firms keep such careful records is for marketing purposes. When they approach potential new clients they need to be able to show that they are experienced in handling different types of cases. They also need to be able to provide proof of their success rate and even the speed with which they are able to deal with various types of cases.
Legal firms do not just keep records of the performance of their own firm. They also keep extensive records of the entire legal industry. In this way they can measure themselves against the performance of opposition firms. These records are also used in marketing efforts and in setting goals for the firm. Such records are even used for recruiting purposes.
When an attorney accepts a case on a contingency basis he will only receive a fee if the case is concluded successfully. This means that he must be very careful when accepting such cases because a loss in the court will mean that the client will not be paying for the time spent. Extensive records are used to study the success probability of a case before a decision such as this is made.
Many firms quote their clients a flat rate for certain types of cases. They can do this with a large measure of security because they have been keeping detailed records. They know how much time, correspondence and effort it takes to represent somebody in an uncontested divorce, for example. Many clients prefer a specific quotation because they are worried about unexpected bills that fall outside their budgets.
Accurate statistics can be extremely valuable for any legal firm. It helps them to bill precisely and to measure their own performance. Long term records can also be useful in the marketing of the firm and in determining the exact nature of the contribution made by every member of the firm.
Legal firms aim to make money. They do this by selling their expertise to their clients. The expertise is sold in units of hours. This is why they need to keep meticulous records of everything that they do on behalf of a client. If they do not keep records, they will not be able to charge the client for every separate aspect of the work they have done.
Very few attorneys work alone. In most cases they are part of large firms that employ legal experts that have various levels of expertise. A senior attorney normally has a team that works with him. By assigning routine work to team members that cost the firm less than a senior attorney, profits can be increased because the senior attorney can occupy himself with more profitable work. This type of delegation also requires exact record keeping.
Another reason why legal firms keep such careful records is for marketing purposes. When they approach potential new clients they need to be able to show that they are experienced in handling different types of cases. They also need to be able to provide proof of their success rate and even the speed with which they are able to deal with various types of cases.
Legal firms do not just keep records of the performance of their own firm. They also keep extensive records of the entire legal industry. In this way they can measure themselves against the performance of opposition firms. These records are also used in marketing efforts and in setting goals for the firm. Such records are even used for recruiting purposes.
When an attorney accepts a case on a contingency basis he will only receive a fee if the case is concluded successfully. This means that he must be very careful when accepting such cases because a loss in the court will mean that the client will not be paying for the time spent. Extensive records are used to study the success probability of a case before a decision such as this is made.
Many firms quote their clients a flat rate for certain types of cases. They can do this with a large measure of security because they have been keeping detailed records. They know how much time, correspondence and effort it takes to represent somebody in an uncontested divorce, for example. Many clients prefer a specific quotation because they are worried about unexpected bills that fall outside their budgets.
Accurate statistics can be extremely valuable for any legal firm. It helps them to bill precisely and to measure their own performance. Long term records can also be useful in the marketing of the firm and in determining the exact nature of the contribution made by every member of the firm.
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