Legal firms go to great lengths to keep accurate records regarding the work they do for each client and on each case. This is because they normally charge their client by the hour. They must therefore be able to specify the exact nature of each action they took regarding the case and the time that it took to complete that action. Systems keeping statistics for lawyers are therefore complex and very detailed.
Attorneys not only need to keep records of the work that they do for their clients, but they also need to be able to justify the actions they take. Their record keeping systems are therefore elaborate and if it becomes necessary they can produce proof of every action that appears on the bill to the client. This type of system requires that attorneys need to compartmentalize their time.
The modern trend for attorneys is to work as part of a team in a large legal firm. Each team consists of a senior attorney, a number of junior attorneys and a number of support staff. Junior staff is obviously paid less and the firm can improve its profits by delegating as much work as is possible to such junior staff. This leaves the senior attorney to spend more time on the more complex aspects of the cases.
When legal firms bid for the business of potential new clients they also need to be able to produce accurate and detailed records. They must be able to prove their success rate, their capacity and their ability to handle a wide variety of legal matters successfully. Without this type of records legal firms are unlikely to obtain the business of large corporations.
Most large legal firms also keep meticulous records about the performance of their rivals. They would find it difficult to remain competitive if they are not cognizant about the activities of the competition. These records are used to measure the performance of the firm and to implement strategies to become more competitive. Such records also help firms to identify promising attorneys at other firms and to institute recruitment procedures.
Statistics are also used to calculate the probable outcome of specific cases. These calculations are routinely performed when firms accept cases on a contingency basis. The attorney will only be paid if the outcome is successful and it is therefore worth it to be able to calculate the most probable outcome before accepting a specific case. Even the probable settlement amount needs to be calculated mathematically.
Many clients are nervous about being charged hourly rates because it makes it almost impossible for them to budget. That is why many firms offer a flat rate for certain types of cases. Their detailed records give them an accurate idea of the amount of work that will be involved and therefore there is little risk to the firm.
Legal firms can only maximize their profits if they keep meticulous records. Large firms often employ teams that do nothing else but compile statistical reports and analyses based upon their records. This helps them to remain competitive and to prioritize the time of the senior attorneys.
Attorneys not only need to keep records of the work that they do for their clients, but they also need to be able to justify the actions they take. Their record keeping systems are therefore elaborate and if it becomes necessary they can produce proof of every action that appears on the bill to the client. This type of system requires that attorneys need to compartmentalize their time.
The modern trend for attorneys is to work as part of a team in a large legal firm. Each team consists of a senior attorney, a number of junior attorneys and a number of support staff. Junior staff is obviously paid less and the firm can improve its profits by delegating as much work as is possible to such junior staff. This leaves the senior attorney to spend more time on the more complex aspects of the cases.
When legal firms bid for the business of potential new clients they also need to be able to produce accurate and detailed records. They must be able to prove their success rate, their capacity and their ability to handle a wide variety of legal matters successfully. Without this type of records legal firms are unlikely to obtain the business of large corporations.
Most large legal firms also keep meticulous records about the performance of their rivals. They would find it difficult to remain competitive if they are not cognizant about the activities of the competition. These records are used to measure the performance of the firm and to implement strategies to become more competitive. Such records also help firms to identify promising attorneys at other firms and to institute recruitment procedures.
Statistics are also used to calculate the probable outcome of specific cases. These calculations are routinely performed when firms accept cases on a contingency basis. The attorney will only be paid if the outcome is successful and it is therefore worth it to be able to calculate the most probable outcome before accepting a specific case. Even the probable settlement amount needs to be calculated mathematically.
Many clients are nervous about being charged hourly rates because it makes it almost impossible for them to budget. That is why many firms offer a flat rate for certain types of cases. Their detailed records give them an accurate idea of the amount of work that will be involved and therefore there is little risk to the firm.
Legal firms can only maximize their profits if they keep meticulous records. Large firms often employ teams that do nothing else but compile statistical reports and analyses based upon their records. This helps them to remain competitive and to prioritize the time of the senior attorneys.
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