As
with
most
things
tech-related,
a
typical
law
firm
has
historically
trailed
a
typical
corporation
in
tracking
important
business
metrics
and
utilizing
them
in
decision-making.
But
there’s
another
trend
afoot:
The
legal
industry
is
catching
up.
That’s
because
advances
in
legal
technology
are
eliminating
challenges
that
have
traditionally
bedeviled
law
firms
looking
to
make
decisions
with
their
data.
The
practice
management
platform
MyCase,
for
example,
works
behind
the
scenes
to
track
and
surface
several
key
financial
insights
that
will
inform
better
decision-making.
For
most
firms,
acting
on
these
metrics
will
immediately
lead
to
increased
efficiency
and
profitability.
The
data
also
can
enable
you
to
effectively
pursue
broader
goals
like
expanding
in
a
new
practice
area.
If
you’d
like
to
try
it
out,
feel
free
to
do
so
here.
You
can
also
read
on
for
more
on
the
possibilities
surrounding
law
firm
financial
reporting
with
today’s
technology.
Beating
the
Blockers:
The
Challenges
of
Manual
Data
Processing
Law
firms
have
traditionally
faced
several
challenges
in
implementing
data-driven
decision-making.
Law
school,
of
course,
does
not
teach
financial
management,
and
lawyers
who
are
driven
by
a
desire
to
help
their
clients
may
focus
less
on
profitability.
Then
there’s
the
challenge
of
manual
data
analysis
—
a
time-consuming
task
that
requires
you
to
gather
and
interpret
information.
Many
law
firms
have
fragmented
systems
to
manage
their
operations,
and
juggling
multiple
data
sources
adds
difficulties
to
this
process.
Manual
data
processing
can
also
introduce
errors,
and
it’s
the
opposite
of
scalable
—
more
clients
will
equal
more
work.
Finally,
even
if
a
firm
overcomes
these
challenges
and
effectively
tracks
and
analyzes
its
business
metrics,
it
must
still
have
a
clear
business
plan
to
guide
its
decision-making.
Though
this
may
all
seem
daunting
and
time-consuming,
there’s
good
news:
Advances
in
legal
technology
allow
you
to
overcome
each
of
these
hurdles
with
almost
no
additional
work.
courtesy
of
MyCase.
Leveraging
Data
Automation
for
Better
Results
A
cloud-based,
unified
case
management
system
like
MyCase
works
behind
the
scenes
during
your
firm’s
day-to-day
operations,
tracking
everything
from
fee
allocation
to
aging
invoices.
Then,
it
automatically
analyzes
this
data
to
provide
actionable
business
insights
and
presents
it
to
you
in
an
intuitive
format
that’s
customized
to
your
goals.
In
other
words,
MyCase
users
don’t
just
get
another
dashboard
—
they
get
a
business
plan
baked
into
the
metrics
being
tracked.
Revenue
growth,
for
example,
can
be
measured
through
the
number
of
leads
you’ve
added,
converted,
or
failed
to
convert
over
a
set
period
of
time.
MyCase
also
will
track
billable
and
nonbillable
time
per
matter,
as
well
as
money
collected
versus
money
billed.
These
reports
will
often
reveal
inefficiencies
or
bottlenecks
to
revenue
collection
that
the
firm
can
address.
As
a
legal-specific
tool,
MyCase
will
segment
financial
performance
by
lawyer,
office,
and
practice
group.
These
filters
are
also
customizable.
The
end
result:
With
no
additional
work,
you’ll
be
presented
with
the
data
that
will
measure
how
well
you’re
generating
new
business,
billing
for
your
time,
and
collecting
accounts
receivable.
You’ll
get
insights
into
areas
for
improvement
that
directly
affect
your
bottom
line.
In
other
words,
you’ll
be
making
business
decisions
—
and
improving
profitability
—
based
on
data!
Going
Deeper:
Get
the
Most
Out
of
Your
Financial
Reporting
Of
course,
these
revenue
metrics
only
scratch
the
surface
of
what
MyCase
will
track.
The
system
ultimately
presents
you
with
a
holistic
picture
of
your
firm
and
its
performance.
For
example,
MyCase
uncovers
data
related
to
your
firm’s
productivity,
such
as
the
number
of
open
and
closed
cases
at
a
given
time.
Too
many
open
cases
may
reveal
work
inefficiencies,
leading
you
to
look
into
the
amount
of
time
spent
on
administrative
work
or
potential
problems
with
client
communication.
You
can
ultimately
automate
many
of
these
tasks
with
legal
technology,
letting
the
system
directly
increase
your
profits
by
working
behind
the
scenes
on
your
behalf.
Here
is
a
sampling
of
the
specific
reports
MyCase
Financial
Reporting
will
provide
—
along
with
an
example
of
how
each
could
be
put
into
action:
-
Fee
allocation
reports
measure
each
employee’s
financial
contribution
to
each
matter
at
your
firm.
Action:
These
can
be
used
to
guide
employment
decision-making. -
Aging
invoice
reports
show
unpaid
invoices.
Action:
These
allow
you
to
address
problematic
client
collections
before
a
bill
balloons
out
of
control. -
Time
and
expense
reports.
show
all
billable
and
non-billable
time
and
expenses
for
all
cases
and
employees
at
your
firm.
Action:
These
will
flag
cost
centers
that
can
be
closely
examined. -
Trust
account
reports
track
trust
balances
to
reconcile
trust
retainer
accounts.
Action:
These
reports
allow
you
to
more
easily
comply
with
state
laws
and
simplify
your
bookkeeping
tasks.
courtesy
of
MyCase.
Your
Financial
Future
While
a
lawyer’s
primary
focus
must
be
on
the
practice
of
law,
it’s
also
important
to
remember
that
law
firms
are
for-profit
businesses.
With
today’s
technology,
the
profitability
component
doesn’t
have
to
be
an
afterthought.
MyCase’s
reporting
makes
it
easier
than
ever
to
track,
analyze,
and
act
on
financial
data,
making
smarter,
bolder,
and
entirely
evidence-based
business
decisions.
If
you’d
like
to
see
how
MyCase’s
financial
reporting
tools
can
transform
your
firm,
find
more
information
here
or
sign
up
for
a
10-day
free
trial
to
give
it
a
spin.