Metrics Flashcards
WORDS TO KNOW:
Metrics (total cost per case; expenses per case; fees per case; trial results; budget compliance; cycle time); Analytics; litigation management; commodity work; outsourcing
HOW MODERN TECH HAS CHANGED THE BUSINESS:
i. Bills submitted online; bills contain “task codes” that segment the cases, employees, law firms, and individual lawyers
ii. Your grade determines: more/less work; keep/lose the client; fee increases; removal of individual lawyers
Clients evaluate
law firm performance based upon whole case case; correlate resource allocation to results; time spent per litigation phase; types of activities billed
Law firm values
i. Quality: loss results; performance within loss reserves; early accurate case assessment; resolution time
ii. Cost: fees; expenses; combined hourly rate; performance to budget
iii. Service: Responsiveness; timeliness; education of technical issues
Metrics you can control:
i. Cycle time: track, manage, shorten, get to “decision point”, wrap it up and close it
ii. Staffing: “effective” rate matters; lowest competent biller; substantive expertise
iii. Phasing: case management plans; client input and guidance; know the client’s “decision point”; “front load” your discovery; be strategic about motion practice
iv. Cost per case: fees and expenses; amount of indemnity paid; like kind cases; like kind firms
Miscellaneous Metrics
i. Accuracy of litigation budges
ii. Accuracy of compliance w/ litigation plans
iii. Timeliness of reporting/meeting deadlines
iv. Accuracy of valuation
v. Quantity of time/expense write downs
vi. Satisfaction scoring by claim handlers
How to improve metrics
i. Use case management plans
ii. Avoid enlargements of time
iii. Use your firm’s diary and case management tools
iv. Think and act like a problem solver
v. Recognize and scale down on commodity work
vi. Be a thoughtful biller
Commodity Work
simple; routine; fixed outcomes; less expertise required
Outsourcing
paralegal functions; legal research; drafting of routine pleadings/motions
