Why do law firms need data analytics?
The legal practice involves massive volumes of data revolving around facts and reasoning. Data viewed in isolation can be misleading or lacking of important context. When handled and analyzed with intent, the data extracted from a business’s daily operations can be revelatory. Similarly, the transactional nature of the business and practice of law creates a vast amount of data and presents a tremendous opportunity for firms. They can use data-driven insights to make crucial decisions in favor of their clients.
This is how analytics gives your law firm a competitive edge –
- Legal professionals can target their desired client base more effectively
- Create content pertaining to the practice areas
- Monitor the effectiveness of marketing campaigns in real-time
- Identify patterns and trends conducive to the growth of the law firm
- Track and manage your social media ad spend effectively
- Manage the practice’s profitability by getting relevant and real-time insights
- Understand your profitable referral sources and improve the leads for your legal practice
- Increase business profitability and lower costs despite rate pressure
- Target ideal and profitable clients on social media and market to them effectively
Why Should Law Firms & Legal Professionals Choose EZlytix Business Intelligence?
EZlytix Managed Analytics Solution provides instant access to your law firm’s most important business metrics and helps them to drive the performance.
Drive Profitability
Analyze the data you already have about your clients and flag opportunities for expanding current client relationships.
Optimizing Pricing
Integrate the data from time and billing systems to analyze pricing and appropriate staffing model.This can help determine the profitability of a case type.
Increasing Efficiency and Saving Time
Streamline your processes and procedures using Data Analytics by efficiently using the existing data and removing the manual tasks of generating reports
Trendspotting
Data analytics help law firms spot trends and analyze markets. Lawyers and legal organizations can look ahead and identify opportunities for growth and increased profitability.
Key Performance Indicators (KPIs) at a glance
Stop exporting multiple reports to Excel manually to merge the data and to get the information. Gain deeper insights and awareness of performance using our pre-built KPIs.
Measure the performance of every employee in your firm
You can ensure transparency and productivity at every level of your firm.
Improve the effectiveness of your marketing efforts
You can ensure transparency and productivity at every level of your firm.
Measure the effectiveness of current marketing efforts and identify which marketing campaigns are bringing in new clients.
Automated Data Integration
Integrate your invaluable data from various sources (Law Practice Management software, Client Intake and CRM software, Google Analytics, Business Communication softwares, Social Media Platforms etc.) so your firm only has to work with one central repository. This helps maintain consistency across your reports.
EZlytix Law Analytics Helps You To…
- Better understand your firm’s position in the market as well as to find new opportunities with existing clients
- Improve legal operations by promoting transparency, predictability and cost certainty
- Better support your clients by removing some of the uncertainty and introducing a degree of predictability
- Visualize your data through insightful reports and user-friendly dashboards
- Increase practice profitability by focusing on what matters the most
- Understand your audience and market effectively
- Manage the business generated by the attorney
- Analyze Billable vs Flat Fee Matters profitability
- Map and track your referral sources
- Measure Consultation Call for Closure
- Understand your online ad-word spend
- Proactively manage/collect outstanding fees
- Analyze revenue and billable hours by employees
- Analyze the lead source and matter type conversion rates
- Understand how users interact with your website
- Identify what percentage of your website traffic converts to paying clients
- Identify the most effective and profitable marketing channels
EZlytix Sample KPIs
- Attorney Utilization Rate
- Revenue/Billable Hours Per Employee
- Revenue Per Matter
- Revenue Per Practice Area
- Revenue by Attorneys
- Revenue Year Over Year Comparison
- Outstanding Fees by Practice Area
- Billed Hours by Attorneys
- Top Average Fees Per Client
- Outstanding Fees by Clients
- Lead Source Conversion Rate
- Matter Type Conversion Rate
- Attorney New Business Generation
- New Clients Through Referrals
- Client Retention Rate
- Website – New vs Returning Visitor Percentage
- SEO Placement
And many more…
EZlytix Benefits
EZlytix Data analytics for Law Firms mines out that precious information to simplify how your group practice should be managed. Make the right decision for the health of your business, and get started today.
- Accelerated Business Outcomes
- Fixed Predictable Cost
- Operational Insights
- Subscription-Based Model
