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 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.
Some cases are accepted on a contingency basis. This means that the attorney will not charge the client unless there is a successful outcome. Instead, his fee is a percentage of the final settlement amount. These cases are normally personal injury or negligence claims. Because the attorney will not be paid unless he wins the case, it is vital that he has records showing the mathematical probability of winning in every individual instance.
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 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.
Some cases are accepted on a contingency basis. This means that the attorney will not charge the client unless there is a successful outcome. Instead, his fee is a percentage of the final settlement amount. These cases are normally personal injury or negligence claims. Because the attorney will not be paid unless he wins the case, it is vital that he has records showing the mathematical probability of winning in every individual instance.
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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