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Tech Tip #36: Give Your Firm a Competitive Edge: Follow These Key Metrics

It’s common knowledge that data-driven decisions allow you to see the bigger picture and be more strategic. You just need to know which data points to focus on. Law firms should follow these key metrics:

  • Billing and funds collected – these metrics will show if you’re having a cash flow problem and narrow down where it’s occurring.
  • Practice area, partner, and case data – these metrics will show you where to focus your attention and efforts.
  • Cost analysis and case profitability – these metrics will signal areas where your firm can shift resources and processes.

Learn more about the factors that affect your firm’s bottom line.

CosmoLex Team

CosmoLex is a leading legal practice management solution that is trusted by thousands of law firms across North America. CosmoLex is a single solution that lets solo legal professionals & small law firms manage their practice, billing, AND accounting all in one login, on any device, at any time. CosmoLex users can eliminate the need to maintain multiple programs because CosmoLex does it all -- including time & expense tracking, billing, business accounting, trust (IOLTA) accounting, calendaring, task, email & document management, even secure client communications -- in one web-based application.